Chinese bank opens branch in HCM City
China’s Bank of Communications opened a branch with a charter capital of US$30 million in Ho Chi Minh City on February 28.
According to Hu Huaibang, the Chair of the Board of Directors of the Bank of Communications, its branch in Ho Chi Minh City will provide payment services in Chinese Yuan to encourage Vietnamese students in China as well as Chinese investors in Vietnam.
The Chairman of the municipal People’s Committee, Le Hoang Quan, said he believes that the bank’s branch in HCM City will create favourable conditions for Chinese businesses to invest in Vietnam in general and in HCM City in particular.
The event will also help bolster cooperation between the twin cities of Ho Chi Minh and Shanghai, he said.
The Bank of Communications is one of the five largest banks in China and is based in Shanghai. It has a network of 2,800 branches and exchange bureaus in China and large financial centres around the world.
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> Economists say interest rates, exchange rate will be stabilized (01/03/2011)
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