First Wholly Foreign-owned Bank to Be Set up in Vietnam
On the sidelines of the 2nd annual Vietnam Investment Forum, Mr Alan Cany, CEO of HSBC Vietnam, confirmed his bank’s intention to establish a subsidiary bank in Vietnam as soon as possible. “With the setup of a wholly HSBC-owned bank, HSBC hopes to open 5-10 branches in Vietnam within four or five years to come,” Alan added.
According to its commitments to the WTO, Vietnam will allow foreign banks to set up wholly foreign-owned subsidiaries in the country from April 1, 2007, to receive equal treatments with local banks. To obtain licence for establishing a subsidiary bank, the parent bank must have at least US$10 billion asset value at the latest year-end preceding the establishment application. If the subsidiary bank wants to open branches, the parent bank must have a total asset value of over US$20 billion and minimum capital of US$15 million for each branch.
HSBC is the first bank to confirm its intention to set up a subsidiary bank in Vietnam.
H.Ly
Vietnamese
