ING Bank to open Vietnam office

April 11, 2012 | 14:46

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ING Bank will open a representative office in Hanoi on May 7 to boost its commercial banking network to cover 14 markets in Asia.

The Hanoi representative office would promote ING Bank’s projects in Vietnam and oversee the implementation of the bank’s agreements with Vietnamese companies and credit organisations, said the global financial institution.

With a local presence in Vietnam, ING aims to strengthen its cross-border commercial banking services to support its multinational and local Vietnamese corporate clients looking to expand beyond their domestic markets.

“We have witnessed a steady growth in cross-border activities among ING Bank’s clients over the past few years, with Asia consolidating its position as a key growth region. Our Hanoi office will help to address the rising demand from our European clients as they expand their businesses in this region, as well as Asian companies looking to build an international business,” Vaughn Richtor, CEO of ING Bank in Asia, said.

“With our strong international network and over 100 years of doing business in Asia, ING Bank is in a good position to facilitate our clients’ financial needs in Asia and Europe,” he added. ING Bank has appointed Remco Gaanderse as chief representative of ING Bank Vietnam.

ING Bank was a book running mandated lead arranger for the recent $1.5 billion project financing for Mong Duong 2, Vietnam’s largest-ever private-sector power project.