Standard Chartered to Penetrate into Retail Market in Vietnam
The UK’s Standard Chartered Bank will establish a 100 per cent foreign-invested affiliate in Vietnam in an effort to penetrate deeply into the market, Namita Lal, managing director in charge of retail banking in Vietnam, said on June 22.
Standard Chartered is seeking license to open a wholly owned arm in Vietnam and the bank expects to win the permission by the end of this year, she said.
Along with the establishment of an affiliate bank, SC will open about 30 branches and install 250 automated telling machines (ATMs) in order to strike into the emerging market.
“We will launch our first retail product early next week,” she said. “Initially, we will provide products and services, such as asset management, to individual customers and small and medium enterprises.”
In next six months, Standard Chartered will offer more services such as consumer loans, credit cards, and mortgaged loans, Lal said. (Youth)
Vietnamese
