Local banks set to expand across country in early 2018

After getting approval from the central bank in the second week of the New Year, HDBank said it would open five branches in the Northern and Central provinces of Hung Yen, Thai Binh, Thai Nguyen, Vinh Phuc and Dak Nong. The bank will also establish another 39 transaction offices in 26 cities and provinces this year, raising its network to 282 branches and transaction offices nationwide. Customers make transactions at a branch of VietinBank in Hanoi. Photo: taichinh.online In the early days of 2018, MBBank has also been licensed to establish an additional five branches and 12 transaction offices, bringing its network to 96 branches and 188 transaction offices throughout the country. Many other banks such as SCB, Bac A Bank and Ban Viet have also decided to enlarge their network of branches and transaction offices right at the beginning of the year. Experts said that banks want to enlarge their network as the banking sector is forecast to see a prosperous year in 2018. According to a State Bank of Vietnam (SBV) survey released recently, business performance of commercial banks is forecast to continue its upward trend this year after making significant improvements last year. According to the survey, many banks expect better results in Q1 2018, compared with Q4 2017. They also hope their business performance this entire year would further improve against last year. Pre-tax profits of many banks are predicted to rise in 2018, compared with last year, helping the average growth rate of the entire… [Read full story]

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