Standard Chartered Bank opened its second Vietnamese branch in Vietnam’s southern metro Ho Chi Minh City Wednesday, increasing its total investment capital in the country to US$30 million.
With the new branch, following the first branch in Hanoi, the bank committed to expanding its resources to access more clients, including businesses and exporters, Ashok Sud, Chief Executive for Standard Chartered Bank in Laos, Cambodia and Vietnam, said.
The Ho Chi Minh City branch would provide full banking products and services, including loans, cash management, trade sponsoring and foreign exchange and fund management services, he added.
It would also participate in the inter-bank market and finance projects in infrastructure development.
During the opening ceremony, visiting British Prince Andrew, on behalf of the bank, presented a check valued at VND500 million ($31,300) to the city’s Poor Patient Sponsoring Association.
The proceeds, collected from a painting auction held by the bank in May will be used to assist the blind with eye surgeries.
Standard Chartered Bank is ranked in the top 25 among FTSE-100 companies by market capitalization.
In Vietnam, it holds a 8.56 percent stake of the Asian Commercial Joint Stock Bank.
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