Regulations Governing Domestic Branches of Financial Institutions Article 10

A financial institution that has received approval to establish, relocate, close, consolidate or change a branch shall apply to the competent authority for issue, reissue, or cancellation of the business license and commence or cease business operations within one year from the date of approval. If the financial institution is unable to commence or cease business operations of the branch within the aforesaid time limit with legitimate reasons, it may apply to the competent authority in advance for extension of the time limit. If the branch fails to commence or cease operations upon the expiry of the extended time period, the approval of the competent authority will be revoked. A financial institution that is adding, relocating, consolidating or changing a branch shall, before commencing business operations of the branch, submit a document issued by the police agency that finds the security maintenance of the branch satisfactory to the competent authority for reference.For the closing of a branch, a financial institution shall submit a report to the competent authority for reference before the branch ceases business.