HSBC, ANZ Allowed to Open Branches in South Vietnam
Hong Kong and Shanghai Banking Corporation (HSBC) and Australian & New Zealand Bank (ANZ) have got permission from the State Bank of Vietnam (SBV) to open branches in the southern region, the SBV said on its website.
HSBC Vietnam is permitted to open a branch in Thuan An district of southern Binh Duong province while ANZ in Vietnam will open another branch in HCM City.
The two banks will have to undertake procedures in line with Decision No.13/2008/QD-NHNN of the SBV Governor dated April 29, 2008 on network of the commercial banks, and prepare for their branch inauguration within the next six months.
Last week, HSBC Vietnam officially opened a transaction office in Tay Ho district of Hanoi, the first of eight new outlets the British bank plans to open this year.
ANZ, meanwhile, plans to open an additional six branches in Vietnam, an ANZ representative asserted at a meeting between Vietnamese PM Nguyen Tan Dung and Australian business delegation in mid-April. (Labor, Vietnam Economic Times)
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