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One more 100% foreign invested bank licensed   2008-07-15 - ND

The State Bank of Vietnam has agreed on principle for the Australia and New Zealand Banking Group (ANZ) to set up a wholy-owned foreign bank in Vietnam.

This is the third foreign bank, after the Hong Kong and Shanghai Banking Corporation (HSBC) and Standard Chartered Bank approved to do so.

The newly incorporated bank will help ANZ expand its operations with more products to meet the increasing demands of local customers such as credit cards, housing loans, car loans as well as other savings and investment products.

In the next four years, ANZ will open its outlets in Hanoi, Ho Chi Minh City and some other cities.

ANZ entered Vietnam in 1993 and has branches in Hanoi and Ho Chi Minh City, and a representative office in Can Tho.

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