ANZ to become top four bank in Vietnam
Monday, 13 October 2008 12:55pm
Homegrown bank and wealth manager ANZ is set to open new branches and expand services in Vietnam after receiving a licence of incorporation from the State Bank of Vietnam.
The landmark move was witnessed by Vietnam Prime Minister Nguyen Tan Dung and Australian Prime Minister Kevin Rudd, who both attended the presentation of the licence to ANZ chief Mike Smith in Canberra.
"Vietnam is one of the countries we have identified as a high priority for
growth as part of ANZ's super regional strategy. The licence allows us to establish an ANZ-owned bank in Vietnam which will enable us to significantly expand the services we provide in the country," said Smith.
ANZ Vietnam chief executive Thuy Dam has been appointed general manager of the new entity, ANZ Bank Vietnam Ltd, with a new office in Hanoi.
Dam said ANZ aimed to be a top four bank in Vietnam by 2012 through local incorporation and growth in retail and institutional banking.
"ANZ is also adding additional relationship managers and product specialists to continue building services for a growing number of corporate and agribusiness clients," she said.
Michelle Baltazar
This story was found at: http://www.financialstandard.com.au/news/view/24238
Printed: Sunday, 14 March 2010 10:24pm