CIMB committed to delivering its ASEAN proposition in Vietnam
Hanoi: CIMB Bank Berhad (“CIMB Bank” or "CIMB") today announced that CIMB Bank (Vietnam) Limited (“CIMB Vietnam”), a wholly-owned subsidiary of CIMB Bank, was officially presented with its banking licence for Vietnam. The licence, presented by the State Bank of Vietnam (SBV) Deputy Governor, His Excellency Nguyen Phuoc Thanh, was received by the Chairman of CIMB Bank Berhad, Dato’ Zainal Abidin Putih.
The ceremony, held at the SBV office today, was witnessed by the Malaysian Ambassador to Vietnam, His Excellency Mohd Zamruni Khalid. Also present were Dato’ Wira Zainal and Yew Wan Kup, CIMB Vietnam’s Chairman and CEO respectively.
During the award ceremony, Deputy Governor of SBV, Nguyen Phuoc Thanh remarked, “We are pleased to award this full banking licence to CIMB Vietnam as part of our overall efforts to develop a more open-market economy. Congratulations to CIMB Vietnam and we look forward to its cooperation in advancing bilateral and trade ties between Malaysia and Vietnam, as part of the ASEAN Banking Integration Framework, in support of our common ASEAN aspiration."
Tengku Dato’ Sri Zafrul Aziz, Group Chief Executive, CIMB Group said, “Vietnam’s transformation into a more open, market-oriented economy bodes well for the region, enabling CIMB to deliver its ASEAN proposition more effectively. CIMB’s investment in Vietnam also demonstrates our long-term commitment to contribute to the development of Vietnam’s financial sector and its economy. To that end, we are extremely pleased to receive this banking licence which also marks CIMB’s banking presence in nine out of 10 ASEAN countries.”
The licence allows CIMB Vietnam to offer the full range of commercial and retail 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 is the first to be awarded such a licence after a seven-year hiatus, during which the country undertook major reforms in its financial and banking sector.
Through its head office in Hanoi, CIMB Vietnam will be ready to offer the full suite of banking products to customers by December 2016.
