ID :
19880
Wed, 09/17/2008 - 10:17
Auther :
Shortlink :
http://m.oananews.org//node/19880
The shortlink copeid
Standard Chartered to open 30 branches across Vietnam
Hanoi (VNA) - Standard Chartered Bank has signalled that it plans to open 30 branches in Vietnam over the next four years, after gaining approval to be the first overseas bank to incorporate their local operations in the country.
Ashok Sud, chief executive of Standard Chartered Bank in Vietnam , on
September 15 told reporters in Hanoi that local incorporation would
enable it to be better positioned to help Vietnamese companies raise capital
in international markets.
The UK bank expressed confidence in the long-term development of Vietnam 's
economy, saying that, "Given the turmoil in the global and local markets,
all investments of the bank in Vietnam have been thoroughly considered."
It is expected that Vietnam 's economy will need an injection of about 50
billion USD. Foreign banks will need to supply some of that capital.
The liberalisation of the banking sector comes amid a worsening economic
backdrop in Vietnam , with annual growth revised down to 7 percent and
credit growth limited to control double-digit inflation.
But Vietnam remains attractive, because it is one of the least penetrated
markets in Asia , with just 1 in 10 of its 87 million population holding a
bank account.
Sud added that the effective controls the Government put in place to curb
inflation and stabilise the economy demonstrated a sure touch.
In terms of market share in Vietnam , some 40 foreign banks account for
less than 10 percent of total lending in the country. Over the next 5-10
years, local banks are still expected to hold an 85 percent market share.
However, the participation of foreign banks like Standard Chartered will
help domestic enterprises access high quality banking services.
Standard Chartered Bank owns a 15 percent stake in Asia Commercial Bank
(ACB). The UK bank said it had no plans to increase its investment in ACB at
this time. In contrasts, HSBC has increased its stake in Techcombank from 15
percent to 20 percent.
Standard Chartered Bank opened its first branch in Vietnam in 1904. The
bank has two branches in the country, the maximum permissible. They focus on
serving the wholesale banking needs of Asia-based companies in the country.
Standard Chartered Bank plans to sign a contract to loan the Vinacomin group
58 million USD on September 16.-Enditem
Ashok Sud, chief executive of Standard Chartered Bank in Vietnam , on
September 15 told reporters in Hanoi that local incorporation would
enable it to be better positioned to help Vietnamese companies raise capital
in international markets.
The UK bank expressed confidence in the long-term development of Vietnam 's
economy, saying that, "Given the turmoil in the global and local markets,
all investments of the bank in Vietnam have been thoroughly considered."
It is expected that Vietnam 's economy will need an injection of about 50
billion USD. Foreign banks will need to supply some of that capital.
The liberalisation of the banking sector comes amid a worsening economic
backdrop in Vietnam , with annual growth revised down to 7 percent and
credit growth limited to control double-digit inflation.
But Vietnam remains attractive, because it is one of the least penetrated
markets in Asia , with just 1 in 10 of its 87 million population holding a
bank account.
Sud added that the effective controls the Government put in place to curb
inflation and stabilise the economy demonstrated a sure touch.
In terms of market share in Vietnam , some 40 foreign banks account for
less than 10 percent of total lending in the country. Over the next 5-10
years, local banks are still expected to hold an 85 percent market share.
However, the participation of foreign banks like Standard Chartered will
help domestic enterprises access high quality banking services.
Standard Chartered Bank owns a 15 percent stake in Asia Commercial Bank
(ACB). The UK bank said it had no plans to increase its investment in ACB at
this time. In contrasts, HSBC has increased its stake in Techcombank from 15
percent to 20 percent.
Standard Chartered Bank opened its first branch in Vietnam in 1904. The
bank has two branches in the country, the maximum permissible. They focus on
serving the wholesale banking needs of Asia-based companies in the country.
Standard Chartered Bank plans to sign a contract to loan the Vinacomin group
58 million USD on September 16.-Enditem
