In April 2017, Shinhan Bank announced the acquisition of ANZ’s retail banking arm in Vietnam. Could you share further details on the acquisition process?During the eight-month process, we placed our greatest efforts in the preparation of personnel, network and operation procedures, while awaiting the approval of the State Bank of Vietnam. On December 18, Shinhan Bank officially took over the human resources of ANZ’s retail banking services, eight branches and transaction offices, as well as over 125,000 individual customers, many of whom are high-income individuals with premium shopping habits. What potential impacts might the acquisition have on existing ANZ customers?Certainly, customers might be worried, however, with our strong capital funds, advanced banking technology, and Korean-standard services, we made a commitment to both individual customers from ANZ and current Shinhan customers to maximize their financial benefits.In order to strengthen the safety and … [Read more...] about Shinhan Bank CEO forecasts rise of retail banking
Anz vietnam internet banking
Shinhan Bank CEO forecasts rise of online retail
In April 2017, Shinhan Bank announced the acquisition of ANZ’s retail banking arm in Vietnam. Could you share further details on the acquisition process?During the eight-month process, we placed our greatest efforts in the preparation of personnel, network and operation procedures, while awaiting the approval of the State Bank of Vietnam. On December 18, Shinhan Bank officially took over the human resources of ANZ’s retail banking services, eight branches and transaction offices, as well as over 125,000 individual customers, many of whom are high-income individuals with premium shopping habits. What potential impacts might the acquisition have on existing ANZ customers?Certainly, customers might be worried, however, with our strong capital funds, advanced banking technology, and Korean-standard services, we made a commitment to both individual customers from ANZ and current Shinhan customers to maximize their financial benefits.In order to strengthen the safety and … [Read more...] about Shinhan Bank CEO forecasts rise of online retail
Retail banking at the crossroads
Dr. Andreas Stoffers, a German retail banker with considerable experience in Vietnam's banking sector, analyses the challenges and prospects for undertaking retail banking in Vietnam. Once ASEAN's roaring tiger, Vietnam's economy has now become a pussy cat. As a result, outside observers are now raising the question whether this South East Asian economy is still a feasible target for retail banking operations. For banking in Vietnam, there have been many menaces in the recent past. They include credit and loans expanded apparently without any limit, with money funnelled into areas of limited productivity. Meanwhile, investments were misguided into the bubbling real estate sector, while too closer links to state-owned enterprises (SOEs) and corruption prevented banks from establishing a sound risk management. Subsequently, the non-performing loan (NPL) ratio raised by double digits. At the same time, the State Bank's control remained lax in an inefficient and non-transparent … [Read more...] about Retail banking at the crossroads
A stronger grip on Vietnam’s banking market
The Australia and New Zealand Banking Group (ANZ) recently announced plans for a new 100 percent-owned bank and at least four new outlets by the end of this year as part of its Vietnamese growth strategy. A customer asks for inflation at an ANZ branch in HCMC … [Read more...] about A stronger grip on Vietnam’s banking market
Foreign banks “man-hunting”
Around 90% of HSBC's clients are Vietnamese Foreign banks are strongly attacking the retail-service fields, besides purchasing shares of domestic banks. Ashok Sud, General Director of Standard Chartered Bank (SC) in Vietnam, Laos and Cambodia, in a recent meeting introduced the bank’s retail manager, Namita Lai. This is the first time SC has had a retail manager in Indochina. Ms Namita Lai appears because SC needs her assistance in introducing international-level individual products in Vietnam. Mr Ashok Sud said that this year SC Vietnam would develop the consumption banking service field. Last year the bank earned US$3.178 billion of pre-tax profit, 19% more than 2005 and turnover of over $8.620 billion, up 26%. In the history of the Hong Kong and Shanghai Banking Corporation (HSBC) in Vietnam, foreigners have been the major clients at HSBC offices. However, in the past year, over 90% of HSBC’s clients have been Vietnamese. The number of Vietnamese clients has risen … [Read more...] about Foreign banks “man-hunting”