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Local banks increase cooperation with foreign partners
A lot of local banks have sold or increased foreign investor’s stake in their banks, considering this as a solution to strive against the increasingly fierce competition from these foreign rivals.
For instance, the Vietnam Import-Export Bank (Eximbank) has sold 25 percent stake to four foreign investors, meanwhile, the Southeast Asian Joint Stock Commercial Bank (SeABank) has also sold 15 percent of their stake to France ’s Societe Generale S.A bank.
With advantages in experiences, technologies and financial potentials, foreign investors are expected to give local banks opportunities to improve administrative ability and develop business.
SeABank’s Chief Executive Officer Nguyen Thi Nga said that Societe Generale has started an official and comprehensive cooperation process with her bank as a strategic shareholder.
As a result, SeABank is working to develop its system of retail banking service with a view to becoming a leading retail bank in Vietnam .
For foreign investors, their stake in Vietnamese joint stock banks will help them get better profits from this potential market.
The Asian director of Societe Generale, Francois Turcot, explained the reason why Societe Generale chose SeABank as its partner in Vietnam . SeABank has a network of branches in Vietnam ’s major economic centres, good trade label, potential for development and particularly a reliable contingent of bankers.
Getting approval to increase it stake in the Asian Commercial Bank from 8.84 to 15 percent, Standard Chartered, a giant bank from the UK , said it was expecting a long-term operation in Vietnam .
At the same time, local banks are working hard to increase their competitiveness to reduce pressure from their foreign partners, Vietnamese pundits said.
VNA
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