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BRANCH BANKING | Staff Reporter, Vietnam
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CIMB unveils first branch in Vietnam

This after the full-fledged banking licence was granted in September 2016.

The first branch of CIMB Bank (Vietnam) Limited (“CIMB Vietnam Bank” or “CIMB Vietnam”) was officiated by Dato’ Sri Mustapa Mohamed, Malaysian Minister for International Trade and Industry, at a ceremony held in Hanoi today.

Also present to witness the opening were Dato’ Sri Nazir Razak (Chairman, CIMB Group), Tengku Dato’ Sri Zafrul Aziz (Group Chief Executive, CIMB Group), Dato’ Wira Zainal Abidin (Chairman, CIMB Vietnam), His Excellency Bui Huy Tho (Director of Licensing, State Bank of Vietnam) and His Excellency Mohd Zamruni Khalid (Malaysian Ambassador to Vietnam).

CIMB Vietnam, a wholly-owned subsidiary of CIMB Bank Berhad (“CIMB Bank” or “CIMB”), was officially awarded the full-fledged banking licence by the State Bank of Vietnam in September 2016.

Tengku Dato’ Sri Zafrul said, “The opening of CIMB Vietnam reaffirms our commitment to play a part in Vietnam’s exciting growth story, with its 92 million population, 40% of whom are young and digital-savvy, and a growing middle class. Through its banking and economic reforms, the country is clearly showing signs of being the next “ASEAN Tiger”. CIMB, with its Regional Operating Model and established regional network, is well-poised to not only contribute to the growth of Vietnam’s banking sector but also be an enabler in enhancing trade and investment flows between Vietnam and other ASEAN countries.”

The licence allows CIMB Vietnam to offer the full range of corporate, commercial and consumer banking products in the country. Thus far, only seven foreign banks have been awarded a licence to operate a 100 per cent banking subsidiary in Vietnam.

CIMB Vietnam’s opening also marks the Group’s banking presence in nine out of 10 ASEAN countries, further cementing our footprint across ASEAN and providing us more opportunities to advance our ASEAN banking franchise,” Tengku Zafrul added.

The head office and first branch of CIMB Vietnam is located at Cornerstone Building, 16 Phan Chu Trinh Street, Phan Chu Trinh ward, Hoan Kiem District, Hanoi, Vietnam.

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