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]
Compiled Despite solid results last year, VPBank announced a modest profit target for this year at its recent annual general meeting — 3.2 trillion (US$143.5 million) or a year-on-year increase of just VND200 billion.The bank also announced plans to keep its bad debts ratio under 3 per cent though it was just 2.17 per cent last year.A bank spokesman considered the modest targets prudent, saying that with them the bank can carefully screen potential customers and improve its risk provisioning to cope with any volatility in the financial market.Another lender, ACB, at its annual shareholders meeting, unveiled a profit target…... [read more]
The Lao Development Bank (LDB) and Vietnam's Sacombank Securities Company (SBS) have signed a memorandum of understanding on establishing a financial consultancy joint venture in Laos. LDB chief executive officer Bounta Daravy said Lanexang Securities Joint-stock Company Limited will be inaugurated this October when the Lao stock exchange debuts. The company, with initial capital of 30 billion Lao kip to which LDB contributes 49 percent, will provide financial consultancy services for enterprises seeking to list their shares on the Lao stock exchange. This JV plans to raise its capital to 50 billion kip and expand operation, including stock brokerage.…... [read more]
Two commercial banks in Ho Chi Minh City have connected their automated teller machine (ATM) systems which will allow clients to easily withdraw money and make transactions at both of their machines. The Eastern Asia Commercial Bank (EAB) and Saigon Bank for Industry and Trade (SaigonBank) officially set up a connection Jan. 28 among their nearly 100 ATMs. This will facilitate ATM clients from both banks as they can now access the ATMs from both banks to do their transactions. Besides, clients can also do teller transactions at either bank nationwide. EAB is also proceeding to connect five other commercial…... [read more]
Vietcombank Carif Life Insurance makes dubut in Hanoi on June 11 Two Vietnam banks -- Vietcombank and SeAbank -- and French insurance company Cardif have established the Vietcombank Cardif Life Insurance which will initially provide credit insurance and personal risk insurance. Based on the bank-assurance model, it will sell savings and insurance products through the two banks' networks. The new company, shortly known as VCLI, is 45 percent owned by Vietcombank, 43 percent by Cardif, and 12 percent by SeAbank.... [read more]
Thuy Trieu Tay Han Chong, general director of Mekong Development Bank, said that a 20% stake could not help an investor secure control of a bank. On the other side, a bank is not willing to give power to a foreign partner with a 20% stake, as the foreign partner may not devote its efforts to a bank in which it just holds a 20% stake. Chong currently represents a 20% stake of Fullerton Financial Holdings, which is 100% owned by Singapore’s Teamasek Holdings Pte Ltd, at Mekong Development Bank. An ideal ownership level for foreign strategic investors in a…... [read more]
