First 100% foreign-invested bank licensed in VN
15:51 | 09/09/2008
VGP - Standard Chartered Bank acquired a business license from the State Bank of Việt Nam on September 8 to establish its own 100% foreign-invested bank in Việt Nam.

A bank can start its operation within 12 months since receiving its business license

The commercial bank, named Standard Chartered Bank (Việt Nam) Limited (Standard Chartered in short), is a single-member liability-limited company with the headquarters in Hà Nội and a charter capital of VND 1,000 billion. It is permitted to operate for 99 years.

On the same day, Standard Chartered officially launched its online banking services.

According to Standard Chartered chief executive in Việt Nam, the business license will help promote the bank's already soaring retail and wholesale activities in Việt Nam and expand its network throughout the country to provide more new services and products to individuals, small and medium enterprises.

Standard Chartered Bank started its business in Việt Nam in early years of the 20th century. In 1994, it opened the first branch in Hà Nội.

In 2005, Standard Chartered became the first foreign financial organization to buy 8.56% of stocks of the local Asia Commercial Bank (ACB), opening a wave of foreign investments in Việt Nam's banks.

By Phùng Lợi

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