StanChart poised to expand rapidly in Vietnam
Tuesday, 23 September 2008
FE Report
Standard Chartered Bank is poised to grow rapidly in Vietnam after receiving confirmation of approval in principle to locally incorporate in the rapidly growing Southeast Asian economy.
Speaking after a meeting with Vietnamese Prime Minister Nguyen Tan Dung in London, Standard Chartered Bank's Regional CEO (Southeast Asia) Ray Ferguson said, "We are delighted with this development and excited about what we can achieve for our customers in Vietnam. The decision will enable Standard Chartered to move ahead with planning to open as many as 20 to 30 new branches in Vietnam over the next three to four years."
"Standard Chartered Bank considers Vietnam a key growth market in Asia and believes it will have an increasingly powerful economic role in the region. We are strongly committed to the development of banking industry in the country and to aggressively growing our presence," he said.
The development was announced during Vietnam Prime Minister Nguyen Tan Dung's visit to Britain. Standard Chartered has a history of more than 100 years in Vietnam, has actively participated in key infrastructure development projects and was among the first international banks to apply to the State Bank of Vietnam for approval to set up a 100 per cent owned foreign subsidiary.
Standard Chartered has offices and branches in Hanoi and Ho Chi Minh City and is a strategic partner of Asia Commercial Bank, Vietnam's largest privately owned bank, in which it has a nine per cent minority shareholding.
Standard Chartered's Vietnam CEO Ashok Sud said, "The granting of a license to incorporate will be a springboard for the development of our consumer and wholesale banking businesses in Vietnam.”
Standard Chartered Bank is poised to grow rapidly in Vietnam after receiving confirmation of approval in principle to locally incorporate in the rapidly growing Southeast Asian economy.
Speaking after a meeting with Vietnamese Prime Minister Nguyen Tan Dung in London, Standard Chartered Bank's Regional CEO (Southeast Asia) Ray Ferguson said, "We are delighted with this development and excited about what we can achieve for our customers in Vietnam. The decision will enable Standard Chartered to move ahead with planning to open as many as 20 to 30 new branches in Vietnam over the next three to four years."
"Standard Chartered Bank considers Vietnam a key growth market in Asia and believes it will have an increasingly powerful economic role in the region. We are strongly committed to the development of banking industry in the country and to aggressively growing our presence," he said.
The development was announced during Vietnam Prime Minister Nguyen Tan Dung's visit to Britain. Standard Chartered has a history of more than 100 years in Vietnam, has actively participated in key infrastructure development projects and was among the first international banks to apply to the State Bank of Vietnam for approval to set up a 100 per cent owned foreign subsidiary.
Standard Chartered has offices and branches in Hanoi and Ho Chi Minh City and is a strategic partner of Asia Commercial Bank, Vietnam's largest privately owned bank, in which it has a nine per cent minority shareholding.
Standard Chartered's Vietnam CEO Ashok Sud said, "The granting of a license to incorporate will be a springboard for the development of our consumer and wholesale banking businesses in Vietnam.”