Illustrative image (Source: VNA) Hanoi (VNA) - Vietcombank is heading to Australia and could openfor business in Sydney within the next 24 months.
Vietcombank got approval from the State Bank of Vietnam’s Governor to open abranch in Australia on October 9.
The branch, named Joint Stock Commercial Bank for Foreign Trade of Vietnam -Australia Branch, has a capital of 71 million AUD (47.9 million USD).
Under Document No 7891/NHNN-TTGSNH, Vietcombank must complete the opening ofthe branch within 24 months from the date of the SBV’s approval. Beyond thistime limit, the approval will automatically expire.
Within 14 working days before the opening of the Australian branch, Vietcombankmust also report in a written document to the SBV’s Banking Inspection andSupervision Agency.
The bank is also required to comply with Vietnam’s laws on offshore investmentand other legal regulations on the establishment and operation of branchesabroad besides meeting Australia’s procedures required for establishing andopening branches in the country.
Vietcombank must manage and monitor the activities of the Australian branch toensure it operates safely, efficiently and in compliance with Australia’s legalregulations, the document noted.
Earlier in October last year, Vietcombank also obtained the US Federal Reserve’sapproval to open a representative office in New York City after launching itsfirst overseas bank in Laos, besides representative offices in Singapore andHong Kong.
The moves aim to confirm Vietcombank’s prestige and position in theinternational community, while paving the way for the bank to gain a placeamong the world’s top 300 banking and financial groups.
Currently, Vietcombank has more than 500 branches, representative offices, andmember companies in Vietnam and overseas./.
VNA
