CBA expands into Vietnam

14 January 2008
| By Kathy Rockwell |
image
image
expand image

Garry Mackrell

The Commonwealth Bank ofAustralia is set to open its first branch in Vietnam in response to the growing number of Australians travelling to, sending money to or doing business in Vietnam.

The State Bank of Vietnam has granted the CBA approval to set up a branch in Ho Chi Minh City (formerly Saigon) and it is expected to open its doors in April this year.

CBA group executive, international financial services, Garry Mackrell said he hoped the new branch would enable the bank to capitalise on Vietnam’s strong economic growth.

“We are very confident about Vietnam’s long-term economic growth and prosperity. With approximately 300,000 Vietnamese people living in Australia — one of the largest populations outside Australia itself — and more and more Australians visiting Vietnam every year, this new presence represents a strong opportunity for the bank.”

Mackrell said he hoped the new branch would help to facilitate economic and trade flows between Australia and Vietnam, thereby strengthening the two counties’ economic partnership.

Vietnam’s compound gross domestic product growth rate for the past 15 years is 7.5 per cent per annum, with a total of 8.5 per cent for 2007. Ho Chi Minh City is an important economic centre with a population of about 8 million.

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 3 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week 2 days ago

The Federal Court has given a verdict on ASIC’s case against Dixon Advisory director Paul Ryan which had alleged he breached his director duties....

1 week 1 day ago