5:26:19 PM | 10/11/2006
The Toan Cau Commercial Bank, or Global Bank (G-bank) on November 8 inaugurated its headquarters in Hanoi, starting its operations as a new urban commercial bank in Vietnam.
G-bank has moved to Hanoi after it was allowed to transformed into an urban commercial bank from the former Ninh Binh Rural Commercial Joint Stock Bank based in Ninh Binh province.
However, G-bank is now still a small lender in Vietnam with total assets of VND1.6 trillion ($100 million).
Currently, the new bank has four transaction offices in the northern hub of Hanoi and plans to raise the number of offices in the capital city to 12 by the end of this year.
The lender also plans to open three other branches in northern Haiphong city and the southern hub of Ho Chi Minh City.
G-bank has finished installation of the core banking software solution-T24 software provided by the Switzerland-based Temenos Group.
On the inauguration ceremony, G-bank has also announced the state-run Vietnam Oil and Gas Group (PetroVietnam) as its strategic shareholder.
PetroVietnam has signed to buy a 20 per cent stake in G-bank in its effort to expand to financial sector apart from its core business of oil and gas business.
G-bank Chairman Ta Ba Lam said his bank hoped to soon become an oil and gas bank following the cooperation deal with the country’s sole oil and gas provider.
(Local sources)
Vietnamese
