ANZ Okayed in Principle for 100 per cent-Owned Bank in Vietnam
The State Bank of Vietnam (SBV) has granted in-principle approval to the Australia & New Zealand Banking Group Ltd (ANZ) to incorporate its 100 per cent-owned bank in the Southeast Asian country.
ANZ has also planned to up at least four new outlets in Vietnam by the of this year, with further outlets schemed for the next few years as part of its growth strategy in the country.
"ANZ regards expansion in Vietnam as one of its highest priorities in Asia," said Alex Thursby, ANZs group managing director Asia Pacific.
The bank said it will retain its existing foreign bank branch in Hanoi to support its ongoing ability to lead the development of Vietnams institutional market, including debt capital markets as well as project and structured finance opportunities.
ANZ ed in Vietnam in 1993 and has branches in Hanoi and Ho Chi Minh City, and a representative office in Can Tho Province. ANZ introduced the first ATM in Vietnam, the first project finance deal and was the first to establish a leasing business.
Its interests in the country include partnerships in Vietnams leading securities and investment banking company, Saigon Securities Inc., where it has a 13.9 per cent equity stake, and with Sacombank, where it has a 10 per cent equity stake.
ANZ is among first three foreign banks allowed to set up 100 per cent foreign invested subsidiaries in Vietnam. Others are the Hong Kong and Shanghai Banking Corp (HSBC) and Standard Chartered Bank.
The SBV has so far this year received total 53 applications for the establishment of new banks, foreign bank branches and 100 per cent foreign-owned banks.
Permission for local incorporation of foreign banks in Vietnam follows the countrys accession to the World Trade Organization last year. (Young People)
Vietnamese
