Standard Chartered Vietnam Licensed to Open Headquarters
The State Bank of Vietnam (SBV) approved Standard Chartered Bank (Vietnam) Ltd to open a headquarters office in Hanoi and a branch in HCM City on July 14, the SBV said.
With the new openings, the British lender must stop operation of its HCM City arm and transfer debts and assets to Standard Chartered Bank (Vietnam) Ltd for continuous tracking and management, according to the SBV.
Standard Chartered Bank was among five 100 per cent foreign-invested banks that received licenses to open in Vietnam last year.
Over the years of operation in Vietnam, Standard Chartered has provided local customers with services, such as wealth management and savings accounts for small and medium-sized enterprises and individuals.
Standard Chartered Bank plans to open an additional 20-30 branches throughout Vietnam within the next three or four years.
Standard Chartered Bank is currently holding 39.8 million shares in Asia Commercial Bank (ACB), equal to 6.26 per cent of the HCM City-based bank’s chartered capital. (
SBV, , Vietnam Economic Times)
Vietnamese
