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ANZ gets serious in Vietnam

ANZ gets serious in Vietnam

(4 July 2008 – Vietnam) ANZ showed the intent of its growth strategy by announcing plans to incorporate a new 100 percent owned bank in Vietnam. The new bank will have at least four new outlets by the end of this year, while more outlets are planned to open over the next few years.

ANZ is one of the first foreign banks to be granted an in-principle approval to incorporate locally by the State Bank of Vietnam.

ANZ said that, as part of their growth strategy, the incorporation will allow ANZ to compete equally with local banks and expand its branches and products in the country.

Alex Thursby, group managing director, Asia Pacific, said that Vietnam is one of ANZ’s top priorities in its Asian expansion plan.

Given that ANZ is the leading foreign bank, ANZ is positioned to take advantage of growth opportunities, Thursby added.

He also said that the incorporation will meet the needs of Vietnam’s growing affluent population who are looking for more convenient access to bank branches, as well as products such as mortgage loans, credit cards, car loans and better savings and investments.

ANZ will retain its existing foreign bank branch in Hanoi to support its ongoing ability to lead the development of Vietnam’s institutional market, including debt capital markets as well as project and structured finance opportunities.
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