Bank of America – the second largest bank in the US – has submitted an application to open a branch in Ho Chi Minh City with a capital of around $50 million.
Bank of America's executive vice chair of Global, Corporate, and Investment Banking Madhu Kannan confirmed this information with the Ho Chi Minh City delegation during a working session in the US this week.
Founded in 1904, Bank of America is one of the world's largest financial institutions, serving individuals, small- and middle-market businesses, and large corporations with a full range of banking, investment, asset management, and financial and risk management products and services.
The company serves approximately 56 million US consumers and small businesses. It is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading.
The bank had a representative office in Ho Chi Minh City until 2002 when the parent bank in the US liquidated it as part of a systemic restructuring.
Chairman of the Ho Chi Minh City People's Committee Phan Van Mai said, "Given its ambition to build an international financial centre, one of our main tasks is to invite Bank of America to contribute to the development of the city."
He confirmed that the local authorities would continue to promote the bank’s expansion into Vietnam.
Ho Chi Minh City also invites US-based funds and individuals to invest in various fields such as finance, high-tech industries, digital transformation, infrastructure, education, and healthcare.