Vietnam: Foreign banks in expansion drive

Many foreign banks have joined up with local partners to expand their presence in Vietnam’s market in addition to opening more branches and introducing new products, reported VNBusinessNews.com.

ANZ Vietnam has linked up with the Vietnam Post Corporation (VNPost) and the Bank for Agriculture and Rural Development of Vietnam (Agribank) to enable collection and payment services to be made at their branches nationwide.

Working in conjunction with VNPost and Agribank will help ANZ to offer its banking services at nearly 2,000 of VNPost’s post offices and 2,200 of Agribank’s branches and transaction centres.

Earlier, HSBC Vietnam had signed a cooperation agreement to integrate its banking services with VNPost’s system. HSBC has also recently made an agreement with VNPost to provide a premium collecting service for the Bao Viet Life Insurance Corporation. Ha Tay has been chosen for the pilot run in 2010 and will later be expanded to other localities so Bao Viet Life’s customers can pay their premiums at any post office nationwide.

According to Thomas Tobin, HSBC Vietnam’s General Director, this will help it to provide customers with a more convenient service.

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