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Malaysia's CIMB Bank gets licence for Vietnam subsidiary: Vietnam central bank

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Vietnam's central bank on Thursday granted Malaysia's second-biggest bank CIMB Bank Berhad a licence to open a 100 per cent foreign owned bank in Vietnam, the State Bank of Vietnam said on its website.

[HANOI] Vietnam's central bank on Thursday granted Malaysia's second-biggest bank CIMB Bank Berhad a licence to open a 100 per cent foreign owned bank in Vietnam, the State Bank of Vietnam said on its website.

The newly established bank will have a registered capital of 3.2 trillion dong (S$190 million) and can operate for 99 years, the central bank's statement said.

REUTERS