StanChart to open fully owned Vietnam bank

Reuters

Standard Chartered Plc said on Tuesday it would start operating a wholly owned bank in Vietnam in June, the second lender in the country to be fully owned by a foreign bank after that of HSBC.

The Hanoi-based entity, Standard Chartered Bank (Vietnam) Ltd, would be capitalised at VND1 trillion (US$56 million) and full banking operations would start on June 1, the bank said in a statement.

Standard Chartered, which opened its first branch in Ho Chi Minh City in 1904, has said it would open up to 30 new branches in Vietnam by 2012.

Standard Chartered and HSBC Holdings Plc were the first foreign banks to get licences to set up fully owned operations in Vietnam, followed by ANZ, South Korea's Shinhan Bank and Malaysia's Hong Leong Bank Bhd.

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