Agribank Networks with HSBC
The Bank for Agriculture and Rural Development of Vietnam (Agribank) and the Hong Kong and Shanghai Banking Corporation (HSBC) have signed a payment network contract.
Under the contract, Agribank and HSBC will make payment for clients via a common network and a payment software system provided by Agribank. With such a move, Agribank will help HSBC speed up payment, better serving clients’ payment demand.
On the other hand, Agribank in turn will have an opportunity to closely link with big banks in the world, promoting its competitiveness capacity.
“This cooperation is an important milestone in the new cooperation of the two sides. The two banks will further cooperate together in some other fields,” said Johan Nyvene, director of HSBC-Hanoi branch.
HSBC, with two branches in the two biggest cities of Vietnam, is now known as the largest foreign bank in Vietnam in terms of investment capital, operation network, staff and potential clients.
Currently, HSBC’s clients can access up to 800 transaction offices nationwide under cooperation deals between the bank and domestic banks and 65 branches of the Technological and Commercial Bank of Vietnam (Techcombank), a strategic partner of HSBC.
Agribank, the country’s largest bank by assets is scheduled to conduct equitisation from 2008.
Banking Times
Vietnamese
