Three branches of foreign banks licensed

17/01/2008 -- 6:17 PM

Ha Noi (VNA) – The State Bank of Viet Nam has licensed three branches of foreign banks for operations in the Vietnamese market. The three branches of the Industrial Bank of Korea (the Republic of Korea ), the Commonwealth Bank of Australia ( Australia ) and Taipei Fubon ( Taiwan ) will open in Ho Chi Minh City . All the three braches has a capital of 15 million USD each, a duration of 99 years and operate in the form of commercial banks. These branches have to complete all necessary formalities and start running within 12 months from the date of licensing. With the three newly-licensed ones, Viet Nam now houses 38 branches of foreign banks.-Enditem
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