Commonwealth Bank of Australia: Strength in Uncertain Times

The Commonwealth Bank is one of Australia's largest and most reputable financial institutions. The bank has more than 100 years of experience in financial services and is a strong and trusted foreign bank with an international AA^- (Standard & Poor’s) credit rating. The bank provides a wide range of products and services including personal and business accounts, foreign currency exchange, 24 hours x 7 days a week ATMs, remittances, myAccess online banking, loans, international trade, and wholesale foreign exchange and money market services, to both personal and business customers. The Vietnam Business Forum had an interview with Mr Ross Munn, General Director of Commonwealth Bank of Australia – Ho Chi Minh City Branch, to gain further understanding of the bank’s business in Vietnam. Doan Tien reports.

 

Vietnam is seen as a vibrant and exciting country in which to conduct business and is part of the Group's long term development strategy in the Asian region. We have invested significant capital into our business and are here for the long term benefit of both our countries. We have operated a representative office in Hanoi since 1994. Then, we took the next step by opening a full branch operation in HCMC in August 2008 and celebrated our 4th Anniversary in August 2012.

 

We offer a full range of banking products for retail /SMEs and corporate clients who delight in the outstanding service provided by our fantastic staff. It means that the link between our two countries, from business and migration perspectives, remains very strong and we are anxious to facilitate trade and retail support. CommBank has recently released an internet banking platform, known as myAccess which together with our ATMs network, makes banking easier for customers. In brief, the emerging affluent market remains a priority for us in Vietnam and we will continue to develop products and services which are suitable for this group. There are many Australian companies and citizens doing business in Vietnam and we expect the number to grow. We will do all we can to assist and facilitate the trade links.

 

These are difficult times across the globe. However, against the backdrop of these difficulties, Commonwealth Bank is in the Top 10 global banks based on market capitalization, and we are very proud of this achievement. Thus we offer “strength in uncertain times” and our latest quarterly results confirm the ongoing strength of our operation. It is this strength and reliability that we bring to our clients in Vietnam. Your money is safe with us and we will look after your local and international banking needs with outstanding people and customer service.

 

We have established a successful business offering a full service experience. We continue to invest in our people and offer a dedicated training and development platform and the opportunity to gain experience within the wider Commonwealth Bank group. The products and services we offer compliment the needs of our retail / SMEs and corporate clients from lending and deposit perspective, and our internet banking product is growing in popularity. Besides, we continue to facilitate the movement of trade flows and personal funds around the world as permitted by local regulations and our banking license. Our ATM network across HCMC provides a safe and convenient service to local clients and tourists alike. We will provide more services in the coming time. We also make sure that our people continue to provide innovative financial solutions for our clients and visitors, our service standards are legendary.

 

Vietnam is a great place to do business and we are excited to be here. CommBank, together with our partner bank VIB, is in Vietnam for the long term. Therefore, our commitment to this country is to develop the links between our two countries which remains undiminished. CommBank is proud to be able to take part in the 40th anniversary celebrations and will do all in our power to cement commercial relations between us. We expect our business to expand over time and further opportunities for our people to be offered. The popularity of Vietnam as a tourist destination is growing amongst Australians and we look forward to providing complimentary services to ensure that this trend continues.