Vietnam

Vietnam's OceanBank is looking for a foreign strategic partner.

VietinBank held a conference to assess the results of business performance in 2011 and set the direction and tasks in 2012. Among the participants was State Bank of Vietnam Governor Nguyen Van Binh.

The State Bank of Vietnam has issued a decision to amend the chartered capital of VietinBank-CTG’s Financial Leasing one-member Ltd Co.

he public questioned why Eximbank invested and holds a quite large ownership ratio in Sacombank while some big shareholders of were divesting capital.

Vietcombank will target a 6.5 trillion dong of pre-tax profit in 2012.

Saigon Commercial Bank, the first merged bank to be formed under the State Bank of Vietnam’s plan to restructure the banking system, officially became operational.

ANZ will sell its 9.6 per cent stake in Sacombank to another Vietnamese lender, Eximbank.

HSBC Vietnam two new insurance products as part of its partnership with Bao Viet to provide policyholders with a range of flexible plans to protect their life and properties. Sumit Dutta, chief executive officer of HSBC Vietnam, said that their group is teaming up with its partners Baoviet Insurance and Baoviet Life to launch the two new insurance products after three years of close cooperation. The bank described the Whole Life Universal Life Insurance and Home Insurance products as budget-suited covers and comprehensive and flexible financial solutions for policyholders. “These are the results of our latest endeavors to bring an all-round financial solution to our customers to enable them to be well protected and to look after their loved ones,” Dutta said. Provided by Baoviet Life, the Whole Life Universal Life Insurance guarantees an annual minimum interest rate of 5% for at least the first 20 years. It allows policyholders to change the sum insured and the premium payment method, choose to pay the premiums for a certain number of years only or until a certain age, and increase or decrease the premium amount in midstream. Meanwhile, the Home Insurance has benefits in two optional sections for home building and home contents integrated in one policy to enable policyholders to choose their way to protect their properties, either as a home owner or a tenant. More importantly, the product allows customers to select a suitable plan to insure their contents without having to list out every single item in the house.

Vietnam will develop credit card payment services with the aim of reducing the quantity of cash in circulation to 11 percent by 2015. It will also strive to increase the number of bank account holders to 35-40 percent of the population. The targets were set in a Prime Minister-approved project to accelerate non-cash payment services. To meet the targets, the banking system will diversify card payment services, with a primary focus on developing pay points. It aims to install 250,000 card payment machines to increase the number of transactions to 200 million a year by 2015.

Vietnam's BIDV raised nearly 1.58 trillion dong or $75 million) from the country's largest initial public offering in 2011.

MB Bank became the fourth Vietnamese bank operating in Cambodia and brings the total number of the kingdom's commercial banks to 31.

Sacombank and Credit Suisse Singapore Limited on Tuesday signed a memorandum of understanding to promote cooperation in banking services.

Ficombank, Tin Nghia Bank and Saigon Commercial Joint Stock Bank passed a resolution to name the joint merger bank as ‘Saigon Commercial Bank’.

BIDV lowered interest rates for exporters, agricultural producers and small companies by 0.5 percentage points starting December 19.

Vietnamese banks are indeed looking to foreign investors for capital support.

ABBank reported a pretax profit of VND391.3 billion or $18.6 million in the first eleven months of the year.