ANZ becomes third wholly foreign invested bank in VN

VGP - The Governor of the State Bank of Việt Nam (SBV) just licensed the Australia and New Zealand Banking Group (ANZ) to set up its wholly-foreign invested bank in Việt Nam.

October 12, 2008 8:12 AM GMT+7

With VND 1,000 billion charter capital and 99-year period of operation, ANZ Việt Nam becomes the third wholly foreign invested bank.

Named as ANZ Bank (Vietnam) Limited (ANZVL), the bank, located in Sun City Building, Hoàn Kiếm District, Hà Nội, will operate as a single-member liability-limited company.

The bank is permitted to operate within 99 year as a commercial bank. Its charter capital of VND 1,000 billion is poured by the Australia and New Zealand Banking Group Limited.

ANZ Việt Nam is empowered to carry out such services as capital mobilization, credit activities, payment, budget and other activities.

ANZ Việt Nam can supply services of foreign currencies in Việt Nam if SBV recognizes its adequate standards and in the international markets after SBV confirms its registration.
Hence, following Standard Chartered (Standard Chartered Bank) and Hong Kong-Shanghai Banking Corporation (HSBC), ANZ Việt Nam became the third licensed wholly foreign invested bank in Việt Nam.

By Kim Loan