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VN okays Malaysian bank branch

Update: August, 12/2015 - 08:03

CIMB, a leading ASEAN bank, one of the largest Asian investment banks, and one of the world's largest Islamic banks, will soon roll out its plans for the country. — Photo freemalaysiatoday.com

HA NOI (VNS) — The Government last week gave in-principle approval to CIMB Group Holding Bhd, Malaysia's second-largest bank, to open branches in Viet Nam.

The approval was signed by Prime Minister Nguyen Tan Dung during his visit to Malaysia on August 6.

CIMB, a leading ASEAN bank, one of the largest Asian investment banks, and one of the world's largest Islamic banks, will soon roll out its plans for the country.

Its first branch in Ha Noi is expected to be fully operational by the third quarter of 2016 as it expects to secure the licence by then.

The bank has over 40,000 staff in 17 locations across Southeast Asia and elsewhere.

CIMB's chief executive, Tengku Dato'Zafrul Aziz, said in a statement: "With this foray into Viet Nam, we will be able to further solidify our position as the leading ASEAN bank and offer the much needed regional connectivity to intermediate trade and investment flows.

"We also believe that the addition of a full banking licence in Viet Nam is timely as the region welcomes the commencement of the ASEAN Economic Community later this year."

Last March Public Bank Berhad, another Malaysian lender, had received approval to operate a subsidiary in Viet Nam.

With the latest approval Viet Nam will have eight wholly foreign-owned banks, HSBC, ANZ, Standard Chartered, Shinhan Viet Nam, Hong Leong Bank, CitiBank, CIMB, and Pubilc Bank Berhad. — VNS

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