Foreign banks licensed for expansion in Vietnam

The State Bank of Vietnam (SVB)’s Governor has granted licences to foreign banks to set up banks, increase funds to their branches and open representative offices in Vietnam as part of the country’s commitments to international economic integration.

The Australia and New Zealand Banking Group Limited (ANZ) has become the third wholly foreign owned bank in Vietnam under a licence signed by the SVB’s Governor on Oct. 9.

The licence permits ANZ Bank (Vietnam) to operate over a period of 99 years with a charter capital of 1 trillion VND.

Earlier, the SBV licensed two of the UK ’s banking giants, HSBC and Standard Chartered Bank.

On Oct. 8, SVB allowed the US bank, JPMorgan Chase N.A. to increase its branch capital in Ho Chi Minh City from 17 million USD to 27 million USD.

Previously, the Malaysia-based RHB Bank Berhad was granted a licence to open its representative office in Ho Chi Minh City with an initial operating period of five years.

VNN

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