Obtaining a Permit to Establish a Bank

To set up a bank in a certain jurisdiction, founders must comply with the requirements outlined below:

Application: Founders must submit their application to the National Bank within six months of initiating the process.
Document Submission: The National Bank will request information and consult with authorized bodies during the application review process.
Decision on Permit: Based on the submitted documents, the National Bank will issue a permit or refuse it.
Validity Period: A permit is valid for six months, during which time founders must register the bank as a legal entity and apply for a license.

Founders must notify the National Bank of any changes in information within five business days.

The National Bank may refuse to issue a permit if one or more of the following conditions are met:

Non-Compliance: Founders have not complied with the requirements or submitted unreliable documents and information.
Incomplete Information: Founders have failed to provide or provided incomplete information about members of the banking group, legitimacy of sources of origin of funds, minimum authorized capital, founders’ requirements, officials’ qualifications, foreign supervisory body consent, or insufficient supervision over foreign founder-bank.

A permit can be cancelled if:

False Information: False information and documents were used to obtain the permit.
Financial Deterioration: Founders’ financial condition has deteriorated since obtaining the permit.
Changes in Composition: Changes have been made to the composition of founders, constituent documents, or other essential aspects without National Bank consent.
Refusal to Establish Bank: Founders refuse or fail to take further steps to establish the bank.