Vietnam grants license to Bank of Communications

Opening a branch in Ho Chi Minh City is part of its move to expand its 10 overseas branches.

Bank of Communications Co., Ltd., one of the Big Four state-owned banks in China, announced on Tuesday that it had gained go-ahead from the central bank of Vietnam to open a branch in Ho Chi Minh City.

Bank of Communications obtains a license to operate financial business in Vietnam from the State Bank of Vietnam (SBV) on the day, according to the Shanghai-based bank.

An opening of a branch in Ho Chi Minh City is part of the lender's ongoing efforts to speed up business expansion out of home in accordance with its global development strategy, pointed out an executive for Bank of Communications.

View the full story in Trading Markets.