4:08:24 PM | 29/8/2008
The Commonwealth Bank of Australia (CBA) has inaugurated its first Vietnam branch Thursday [August 28], paving the way for a significant new investment to the Southeast Asian country,
The HCM City-based CBA branch will concentrate on mobilizing deposits from overseas Vietnamese living in Australia, Australian investors and tourists.
The investment of CBA, one of the largest financial institutions in Australia, in Vietnam is part of the strong ongoing commercial relationship between the two countries, said Mr Tweddell, Australian Ambassador to Vietnam.
Danny Armstrong, General Director of CBA in Vietnam, said that the bank is looking forward to doing business in this bustling part of the world and providing the local people with a secure and affordable foreign banking alternative.
The Commonwealth Bank of Australia is among three wholly foreign-owned banks allowed by the Vietnamese central bank early January to set up branches in the country, pursuant to the nation's WTO commitment. (Labor)
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