Regulations Governing Foreign Bank Branches And Representative Offices Article 12

A foreign bank that has received approval to relocate its branch shall apply to the competent authority for re-issuance of the banking license and to commence operations [at the new location] within one year from the approval date; otherwise the competent authority shall revoke the approval. A foreign bank closing its branch shall return its banking license and cease its business operation within the same prescribed period.A foreign bank relocating or closing its branch shall, before commencing or ceasing its business operation, file a report to the competent authority in relation thereto.