CBA expands into Vietnam
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.
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
