CIMB's Hanoi branch opens for business

HANOI: CIMB Group began banking operations in Vietnam when CIMB Bank (Vietnam) Ltd opened for business in Hanoi last Friday.
CIMB Vietnam, a wholly owned subsidiary of CIMB Bank Bhd, was officially awarded a full-fledged banking licence by the State Bank of Vietnam in September 2016.
CIMB Group chief executive Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the opening of CIMB Vietnam reaffirms its commitment to play a part in Vietnam’s growth story, with its 92 million population, 40% 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’. 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,” Zafrul said in a statement.
The licence allows CIMB Vietnam to offer a 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% banking subsidiary in Vietnam.
The opening marks CIMB’s presence in nine out of the 10 Asean countries.