Three Vietnamese Domestic Banks Form Coalition
Three local commercial joint stock banks including Saigon Thuong Tin Bank (Sacombank), Hanoi Building Bank (Habubank) and Military Bank (MB) have joined hands to enhance their financial capacity, Vietnam Economic Times said.
The joint move aims to improve their competitiveness and integration into the world economy in the post WTO period when foreign financial institutions will enter Vietnam market.
So far, many foreign banks have opened their representative offices in Vietnam, including world’s financial giants such as HSBC, ANZ, Deutsche Bank and the American Express.
Three banks will jointly provide loans; support each other in forex and gold trading to meet customers’ demands, payment and other trading activities. They will also cooperate in staff training.
Currently, as many as 152 credit institutions are operating in Vietnam including 46 representative offices of foreign banks, statistics from the State Bank of Vietnam said. (Vietstock)
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