VNPost divests capital below 5%, LPBank post office transaction offices are not allowed to accept savings deposits

The State Bank has just issued Circular 11/2023 amending and supplementing a number of articles of Circular 43/2015/TT-NHNN regulating the organization and operation of postal transaction offices under Lien Viet Post Joint Stock Commercial Bank ( LPBank - LPB).

This Circular takes effect from October 15.

Specifically, Circular 11/2023 stipulates that after 7 working days from the date Vietnam Post Corporation (VNPost) divests capital below 5% of LPBank's charter capital, post office transaction offices are not allowed to accept savings deposits.

In case the post office transaction office does not pay all the due savings deposits, LPBank will receive and handle them according to internal regulations and legal regulations.

The processing of previously received savings deposits of the post office transaction office continues to be carried out according to the contents agreed with the customer. For savings deposits due for payment, the post office transaction office must take measures to pay them all.

In case the post office transaction office does not pay all the due savings deposits, LPBank will receive and handle them according to internal regulations, legal regulations on savings deposits and terminate the operation of the post office transaction office.

Circular 11/2023 also stipulates that after VNPost divests below 5%, no later than the 15th of each month, LPBank must report to the State Bank on the handling of savings deposits of each post office transaction office.

Previously, in February 2023, the State Bank approved LPBank to transfer more than 140.5 million VNPost shares. This agency requested LPBank to coordinate with VNPost to transfer shares in accordance with regulations, develop a plan and roadmap to handle the post office transaction system, and ensure LPBank operates safely, effectively, and in compliance with regulations.

Thy Tho

Source: https://nld.com.vn/kinh-te/vnpost-thoai-von-xuong-duoi-5-phong-giao-dich-buu-dien-lpbank-khong-duoc-nhan-gui-tiet-kiem-2023090711404684.htm