BIDV Upgrades Sub-Branch, Focusing on Services for Stock Traders

On December 6, the State-run Bank for Investment and Development of Vietnam (BIDV), Vietnam's second largest commercial bank, inaugurated its new branch at 12 Nam Ky Khoi Nghia Street in District 1 after upgrading it from a sub-branch.

The branch offers a wide range of services for stock investors, including securities settlement, supervision and underwriting. It also provides loans for stock investors and custody services.

In 1999, the branch at Nam Ky Khoi Nghia Street was opened as a securities settlement centre. The centre was then upgraded into a BIDV sub-branch in May 2003, focusing on enhancing securities investment services.

After one year of operation, the sub-branch reached total mobilised capital of VND313 billion (US$19.9 million), securities settlement revenues of VND5.55 trillion (US$353.5 million) and securities-guaranteed loans of VND245 billion (US$15.6 million).

As of the end of November 2004, the State-run Bank for Investment and Development of Vietnam has total assets of around VND100 trillion (US$6.4 billion), total mobilised capital of VND62 trillion (US$3.9 billion) and total outstanding loans of VND68 trillion (US$4.3 billion). It has 175 transaction offices, branches and sub-branches nation-wide. With the establishment of the new branch, BIDV will better serve stock traders, securities companies and investment funds operating on Vietnam's stock market.

• S.P