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BIDV teams up with Japanese banks to facilitate investment

Update: October, 18/2014 - 10:06
The MoU aims to strengthen the support extended to Japanese customers in expanding investment and businesses in Viet Nam.— Pho baodautu
HA NOI  (VNS)— The Bank for Investment and Development of Viet Nam (BIDV) has signed a memorandum of understanding (MoU) with two Japanese banks, namely Minato Bank and the Bank of Yokohama (BOY).

The MoU aims to strengthen the support extended to Japanese customers in expanding investment and businesses in Viet Nam.

Under the agreement, Minato Bank and BOY will help their customers in getting better access to information on the investment environment, legal regulations and taxes in Viet Nam.

In addition, the two banks in co-operation with BIDV will provide financial and banking products and services such as payment, foreign currency purchase and commercial funds. They will also provide credit, derivatives products and services to support the mergers and acquisitions by Japanese businesses.

BIDV established BIDV Japan Desk in Ha Noi in November and opened a branch in HCM City in July to accelerate the provision of banking products and services in the Japanese language.

The bank so far has co-operated with 17 financial institutions in Japan to serve Japanese customers in Viet Nam, including Sumi TRUST Bank, Bank of Yokohama and Chiba Bank, as well as Shinkin Central Bank.

Minato Bank, established in 1949, is the 63rd largest bank in Japan and 513th in the world. It has 106 local branches with total assets of US$32.3 billion and $77.4 million in profits.

The bank provides wholesale and retail banking services, asset management and capital and monetary markets, as well as commercial banking and mergers and acquisitions.

BOY is the 13th largest bank in Japan with 614 branches. Its total assets and profits are $133.98 billion and $624.74 million respectively.

The bank was given a stable outlook rating by Moody's last month. — VNS


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