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ANZ gets nod from Vietnam’s central bank

In Uncategorized on July 3, 2008 at 6:52 pm

– The Australia and New Zealand Banking Group has been granted in principle approval to set up a wholly Vietnam incorporated operation.

Following the move, the bank will open at least four new outlets in Vietnam by the end of this year.

The announcement followed approval-in-principle by the State bank of Vietnam on June 25 but only released on July 2.

The approval will help ANZ compete more equally with local banks. The bank’s existing branch in Hanoi is expected to be retained.

The newly incorporated bank will help meet the needs of Vietnam’s growing population by offering more products.

These are expected to include mortgage loans, credit cards, car loans and better savings and investments.

Alex Thursby, group managing director for Asia and the Pacific, said the bank regarded expansion in Vietnam as one of its highest Asian priorities.

ANZ has 13.9 percent equity in Saigon Securities Incorporation and 10 percent stake in Saigon Thuong Tin Commercial bank (Sacombank).

ANZ entered Vietnam in 1993 and has branches in Hanoi and HCM City, and a representative office in Can Tho Province.

So far this year, Vietnam has already granted licences to the Hong Kong and Shanghai Banking Corporation (HSBC) and Standard Chartered Bank. About 27 other foreign banks are awaiting approval to set up wholly foreign-invested operations

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