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Biz News Korea(Eng)

Shinhan Bank commands biggest foreign bank presence in Vietnam

Collected: 2016.09.08

Distributed: 2016.09.09

Source: Go Direct

[Photo by Shinhan Bank]

South Korea’s Shinhan Bank has opened two new branches at the same time in Vietnam. By doing so, the Korean bank runs the biggest number of branches among foreign banks in service in the country. The Vietnamese operation of the bank announced on Tuesday that it opened Hoan Kiem Branch in Hanoi and Vinh Phuc Branch near Hanoi, which brought the total number of its Vietnamese outlets to 17 to command the biggest foreign presence in the local banking sector. The bank’s outlets outnumbered HSBC’s 15.

Hoan Kiem District is similar to Myeong-dong, one of the busiest districts in Seoul, and dubbed as the heart of Hanoi. The district has several global banks including Citibank and ANZ Bank and 14 local banks. The Vietnamese operation of Shinhan Bank will recruit a female local to run the branch.

Vinh Phuc Branch is located in Vinh Phuc Province, northwest of Hanoi, which has several Korean and local companies in eight industrial complexes. The branch would serve as a base outlet for businesses of local companies.

By Noh Seung-hwan

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