CIMB banks on Vietnam as new ‘Asean Tiger’

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HANOI: CIMB Bank (Vietnam) Ltd (CIMB Vietnam) launched its first branch here recently, officiated by Datuk Seri Mustapa Mohamed, Malaysian Minister for International Trade and Industry (Miti).

CIMB Vietnam, a wholly-owned subsidiary of CIMB Bank Bhd (CIMB Bank), was officially awarded the full-fledged banking licence by the State Bank of Vietnam in September 2016.

Group chief executive Tengku Datuk Seri Zafrul Aziz said this opening reaffirmed CIMB’s commitment to play a part in Vietnam’s exciting growth story, with its 92 million population –  40 per cent of whom are young and digital-savvy, and a growing middle class.

“Through its banking and economic reforms, the country is clearly showing signs of being the next ‘Asean Tiger’,” he said in a statement yesterday.

“CIMB, with its Regional Operating Model and established regional network, is well-poised to not only contribute to the growth of Vietnam’s banking sector but also be an enabler in enhancing trade and investment flows between Vietnam and other Asean countries.”

The licence allows CIMB Vietnam to offer the full range of corporate, commercial and consumer banking products in the country. Thus far, only seven foreign banks have been awarded a licence to operate a 100 per cent banking subsidiary in Vietnam.

“CIMB Vietnam’s opening also marks the Group’s banking presence in nine out of 10 Asean countries, further cementing our footprint across Asean and providing us more opportunities to advance our Asean banking franchise,” Tengku Zafrul added.

Also present to witness the opening were CIMB Group chairman Datuk Seri Nazir Razak, CIMB Vietnam chairman Datuk Wira Zainal Abidin, State Bank of Vietnam director of licensing Bui Huy Tho and Malaysian Ambassador to Vietnam Mohd Zamruni Khalid.

The head office and first branch of CIMB Vietnam is located at Cornerstone Building, 16 Phan Chu Trinh Street, Phan Chu Trinh ward, Hoan Kiem District, Hanoi, Vietnam.