BoCom opens first branch in Vietnam

October 27, 2010 | 09:48

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China’s Bank of Communications (“BoCom”) yesterday was approved by the State Bank of Vietnam to open its first branch in Vietnam in Ho Chi Minh City.

The China’s fifth largest lender by assets, aims to open the branch to accelerate its overseas network.

The bank considered Vietnam as an important emerging market and will provide BoCom’s global operation and services catering for trade and investment transactions between the two countries. Shanghai-based BoCom already has seven branches and three representative offices overseas.

Its establishment signifies further expansion of BoCom’s global network, which is focused on Asia Pacific and flanked by Europe and America, and further enhances BoCom’s ability to provide global financial services.

The tie between BoCom and Vietnam dated back to 1909-1910 when BoCom established a representative office in Saigon. In 1939, BoCom set up Saigon branch and Haiphong branch and later set up Lang Son correspondence office and Hanoi temporary office.

As of the first half of 2010, BoCom had a total asset of 3.71 trillion yuan, 2,648 outlets in over 190 large and medium cities in mainland China, 1,350 correspondent banks in 140 countries and regions, seven overseas branches and three representative offices, with a total of 80,000 employees globally. BoCom was also rated as one of Fortune 500 and the world’s top 50 banks.

By Van Anh

vir.com.vn

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