Banks expand activities abroad

A number of Vietnam’s banks are expanding their activities by opening their branches abroad.

Monday, September 05, 2011 18:46

A number of Vietnam’s banks are expanding their activities by opening their branches abroad.

TheVietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank)will become the country’s first bank to make a presence in Europe withthe opening of its branch in Frankfurt, Germany, scheduled for Sept. 6.

Chairmanof the Board of Directors of Vietinbank Pham Huy Hung said the bankchose Germany to expand its activities as the country is Europe’sleading economic centre and a big trade partner of Vietnam where thereis a large number of overseas Vietnamese.

Hung revealed thebank’s long-term plan to upgrade its branch in Frankfurt into asubsidiary bank and open more branches in the Czech Republic, Poland,the UK, France and other European Union countries.

Meanwhile,other banks have chosen Cambodia and Laos to open their branches,including the Vietnam Bank for Agriculture and Rural Development(Agribank), the Bank for Investment and Development of Vietnam (BIDV)and the Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank).

BIDVbought the local Prosperity Investment Bank Plc (PIB) and named therestructured bank Bank for Investment and Development of Cambodia PLc(BIDC). After opening its branch in Phnom Penh late July, 2010, BIDCopened another branch in Siem Reap province.

In May, 2011, theSai Gon-Hanoi Joint Stock Commercial Bank (SHB) received the State Bankof Vietnam (SBV)’s permission to open its branch in Cambodia.

Apartfrom the presence of BIDV and Sacombank in Laos, the Military Bank (MB)has decided to invest 12 million USD to open its branch in Laos.

BIDVand Sacombank leaders have revealed their plans to open their branchesin Myanmar, a potential market for economic and trade cooperation withVietnam./.

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