S.Korea's Hana Group Ties Up With Vietnam's Southern Bank

Hana Financial Group and Southern Commercial Joint Stock Bank (Southern Bank) signed a memorandum of understanding (MoU) on financial cooperation November 19 in Hanoi.

 

The two sides, however, did not disclose any details.

 

Hana highly appreciates Southern Bank’s operation network, financial capacity and development strategies, Hana chairman Seung – Yu Kim said at the signing ceremony.

 

Hana is one of S.Korea's leading financial groups, with a registered capital of US$10.6 billion and total assets of US$155 billion as of September. It has a network of 742 branches in China, Japan, Indonesia, the U.S, Singapore, Vietnam and India.

 

Southern Bank is one of the largest commercial joint stock banks in Vietnam, with a registered capital of VND1.3 trillion, total assets of VND18 trillion (US$1.12 billion), up 67.53 per cent on year and total outstanding loans of VND4.7 trillion.

 

The HCM City-based bank is planning to build four complexes of office-trading center-supermarket in Ho Chi Minh City. It is considering listing shares on Singapore stock market with the assistance of United Overseas Bank Limited Group (UOB), a Singapore’s leasing bank. (southernbank.com.vn, Labor)