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Article: Vietnam: Foreign banks licensed for expansion.
- Article from:
- TendersInfo
- Article date:
- October 14, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: sander03
Australia and New Zealand Banking Group Limited (ANZ) has become the third wholly foreign-owned bank to do business in Viet Nam under a licence signed by the State Bank of Viet Nam (SVB) on October 9.The licence permits ANZ Bank (Viet Nam) to operate over a period of 99 years with a charter capital of VND1 trillion (US$60 million).The licensing agreement is part of the country s efforts to boost economic integration.The SBV also licensed two of the UK s banking giants, HSBC and Standard Chartered Bank. The US bank JPMorgan Chase N.A. was given the go-ahead to increase its branch capital in HCM City from $17 million to 27 million on October 8. ...