CIMB Bank gets licence to operate full subsidiary in Vietnam

CIMB Bank has obtained the licence to operate in Vietnam, and aims to start offering the full range of commercial and retail banking products in the country by December, it said in a release on Friday

So far only seven foreign banks have been awarded the 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," said the release.

The bank received the licence at a ceremony on Thursday at the State Bank of Vietnam (SBV).

SBV deputy governor Nguyen Phuoc Thanh said: "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."