Hong Leong Bank Vietnam ops to start end-2009

Malaysia's Hong Leong Bank Bhd (HLBB) will begin operations in Viet Nam by end-2009, following the recent approval from the Vietnamese government for it to open a 100% foreign-owned commercial bank in the country. The bank will establish Hong Leong Bank Viet Nam Ltd with a capital base of one trillion dong, or nearly RM205mil.

In an announcement to Bursa Malaysia, HLBB said it had received a licence from The State Bank of Viet Nam to incorporate a fully-owned subsidiary.

Group managing director Yvonne Chia said in a statement the group planned over the next few years to expand its branch network and “grow Hong Leong Bank Viet Nam into an embedded local bank in Viet Nam.”