The governor of the State Bank of Vietnam Nguyen Van Giau has just licensed the Australia and New Zealand Banking Group (ANZ) to open a fully owned bank in Vietnam...
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The governor of the State Bank of Vietnam Nguyen Van Giau has just licensed the Australia and New Zealand Banking Group (ANZ) to open a fully owned bank in Vietnam with a registered capital of 1,000 billion VND.
ANZ has become the third foreign wholly owned bank to operate in the Southeast Asian country. Its headquarters will be located in Hanoi. The operation time of ANZ in Vietnam is 99 years.
The license for ANZ is the third issued in a month after similar permits for HSBC and Standard Chartered Plc. Besides, the State Bank of Vietnam also allows foreign invested banks to expand their activities and operation locations.
Permission has been given to JPMorgan Chase N.A. Bank, Ho Chi Minh City Branch, to increase its capital from 17 to 27 million USD and Malaysia’s RHB Bank Berhad to open its representative office in Ho Chi Minh City with an operation time of 5 years.
N.T
