Standard Chartered to close HCMC branch

UK-based bank Standard Chartered Thursday got the State Bank of Vietnam’s approval to close down its branch in Ho Chi Minh City, the central bank said on its website.

“Standard Chartered must stop new transactions at the branch and announce the closing on a Vietnamese national newspaper and a local newspaper where the branch office is based for three consecutive editions,” the central bank said.

Jerry G. Ngo, head of the Origination and Client Coverage at Standard Chartered Bank in Vietnam, Laos, and Cambodia, told TBKTSG Online that his bank had decided to close the HCMC branch after setting up a locally-incorporated entity in Vietnam in August, 2009.

The branch’s customer transaction files would be transferred to Hanoi-based Standard Chartered Bank Vietnam Limited, he said.

Standard Chartered is one of the five wholly foreign-owned banks in Vietnam including HSBC, ANZ, Shinhan Bank and Hong Leong Bank.

Tags: Standard Chartered Vietnam, vietnam bank, Vietnam finance, Vietnam financial

Posted by VBN on May 16 2010. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry