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Biz News Korea(Eng)

Shinhan Bank becomes No. 1 foreign lender in Vietnam after takeover

Collected: 2017.12.19

Distributed: 2017.12.20

Source: Go Direct

South Korea’s top Shinhan Bank said on Monday that it has completed the acquisition of Melbourne-based ANZ Bank’s retail business in Vietnam, becoming the largest foreign lender in the Southeast Asian country by asset and the number of branches.

The latest acquisition has made Shinhan Vietnam Bank Ltd., a subsidiary of Shinhan Bank, a top lender in Vietnam with $3.3 billion asset, 240,000 credit card customers, 900,000 financial customers, and 1,400 employees. The acquisition has also increased the number of branches managed by Shinhan Vietnam Bank to 30 including the four that are scheduled to open nearly next year.

Shinhan Vietnam Bank now ranks as the largest foreign bank operator in Vietnam in terms of asset and the number of branches, beating London-based HSBC. It is also one of the top 7 credit card business operators.

Vietnam is the second-largest overseas market for Shinhan Bank after Japan. Ever since it entered into the Vietnam market in 1993, Korea’s top lender has been continuously expanding investment in the Southeast Asian country to become a top foreign lender.

An unnamed official from Shinhan Bank said that it plans to understand the needs of local customers and also Korean customers in Southeast Asia by having Vietnam serve as a base to expand business in nearby areas including Indonesia and Myanmar.

By Kim Tae-sung and Lee Eun-joo

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