Vietcombank’s application to establish a New York office approved

Viet Nam News HÀ NỘI – The US Federal Reserve Board announced on its website early this week that it had approved the application by Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank) to establish an office in New York City. According to the Federal Reserve Board’s order, the representative office would act as a liaison with Vietcombank’s clients and prospective clients in the US. The office would also engage in other representational activities such as providing analysis of the banking sector and financial services market, acting as a liaison with banks in the US and participating in business conferences. Vietcombank wrote on its website that this strategic step made it the first joint stock commercial bank of Việt Nam approved to open a representative office in the US – the country with the most transparent legal framework and rigorous supervision in the world. Vietcombank’s target is to become one of the world’s top 300 financial and banking groups and to be managed following the best international practices by 2020. It now has more than 500 branches, dealing offices and representative offices. Foreign operations include a representative office in Singapore, a finance company subsidiary in Hong Kong, and a US money transmitter subsidiary, VCB Money Inc., in Garden Grove, California. The bank opened Vietcombank Laos in Vientiane in late October. The bank said that it would submit all the necessary documents to open the New York office as soon as possible. With total assets of US$43.6 billion,… [Read full story]