Vietnam central bank allows Bank Of America to close rep office
HANOI - Vietnam's central bank has allowed Bank of America (BAC) to close
its representative office in Ho Chi Minh City, the country's southern commercial hub,
an official said Friday.
Under a decision signed by state bank Deputy Governor Tran Minh Tuan, Bank of
America will be allowed to terminate operations at its Ho Chi Minh office Dec. 31, the
central bank official said.
He wouldn't say why the bank asked to close its office.
An executive at the Bank of America's branch in Hanoi said that office is continuing to
operate normally. He wouldn't comment further.
The Bank of America's representative office in Ho Chi Minh City was issued a license
by the central bank in April last year. The license expires Dec. 31.
There currently are 27 branches and 42 representative offices of foreign banks in
Vietnam.
Several foreign bank branches and representative offices have closed recently, citing a
lack of transactions in Vietnam.
The Associated Press - December 28, 2001.
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