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Wednesday, October 16th, 2019

CIMB Bhd : Malaysias CIMB takes forward Asean dream, sets foot in Vietnam

by December 13, 2016 General

In a bid to have a presence in each Asean nation by 2018, Malaysias CIMB Bank has kick-started banking operations in Vietnam with its first bank branch in Hanoi.With a banking licence from State Bank of Vietnam, that was given in September this year, CIMB Vietnam will work as a wholly-owned subsidiary of CIMB Bank Bhd. The licence allows CIMB Vietnam to offer the full range of corporate, commercial and consumer banking products in the country, CIMB said in a statement on Saturday.The Bank is among the seven foreign banks and the third Malaysian bank to be awarded a licence in Vietnam to operate a 100 per cent banking subsidiary.The first branch was officiated by Malaysian Minister for International Trade Mustapa Mohamed while the CIMB Group Chairman Nazir Razak Zafrul Aziz , Wira Zainal Abidin were also present. Also present were Director of Licensing, State Bank of Vietnam His Excellency Bui Huy Tho and Malaysian Ambassador to Vietnam His Excellency Mohd Zamruni Khalid.CIMB has a vision to be present in every Asean nation and the start of banking operations in Vietnam takes forward that vision of Malaysias second largest bank by assets.The bank has a Target 2018 (T18) initiative that it launched in early 2015 which mentions as one of the targets to complete the banks Asean footprint by 2018 while focusing on financial targets including costs as well as consolidating operations.The opening of CIMB Vietnam reaffirms our commitment to play a part in Vietnams exciting growth story, with its 92 million population, 40 per cent of whom are young and digital-savvy, and a growing middle class. Through its banking and economic reforms, the country is clearly showing signs of being the next ASEAN Tiger, said Zafrul Aziz.CIMB is now present in nine out of 10 Asean nations Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar and Laos. Beyond ASEAN, the group has market presence in China, Hong Kong, India, Sri Lanka, Taiwan, Korea, the US and UK.(c) All rights reserved The Jerusalem Post 1995 – 2016 Provided by SyndiGate Media Inc. (, source Middle East & North African Newspapers