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Singapore’s largest bank, the DBS, has got a licence from the Governor of State Bank of Vietnam to open its branch in Ho Chi Minh City, Vietnamese news agency, VNA, reported Thursday.
The bank’s branch has a capital of US$15 million and an operation duration of 99 years.
At the start, the HCM City branch will focus on supporting the financial needs of Singapore and Asia-based corporates with business interests in Vietnam.
Over time, the branch will extend its product and service offering to cater to individuals and small and medium-sized enterprises.
With its increasing foreign investment and trade, Vietnam is becoming a very important economy in Asia and the new branch will enable DBS to better support its existing corporate customers, many of whom have a presence in Vietnam, DBS Chief Executive Officer Piyush Gupta said.
“We also intend to leverage on our strong Asia network and capabilities to support Vietnamese corporates and institutions as they grow in the region,” he affirmed.