ANZ bank is awarded license to operate in Vietnam
12/03/2012 
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The Australia and New Zealand Banking Group [ANZ Bank] is celebrating after it was the third foreign bank to win a licence to open a fully owned bank in Vietnam.
Mr Mortgage said that it was important for Australian banks to expand into asia as this region had most upside potential and we have so much to offer the region. Vietnam has a population of over eighty million people but only about 10% of vietnemese have a bank account, so the potential for growth is enormous.
The ANZ Bank Vietnam Ltd will be capitalised at 1 trillion dong ($60.5 million), with its headquarters in Hanoi, the State Bank of Vietnam said in a statement.
The licence for ANZ, which already has branches in Hanoi and Ho Chi Minh City and a nationwide automatic teller machine network, is the third issued in a month after similar permits for the highly regarded banks HSBC and Standard Chartered Plc . This puts the ANZ in very good company.
The new entity of ANZ, which owns 10 percent in Sacombank , one of Vietnam’s only two listed banks, would expand banking activities to tap a large market in the country of 86.5 million people, only 10 percent of them have bank accounts.
ANZ, which has been in Vietnam for 14 years and is one of nearly 40 foreign banks in the country, would compete with HSBC and Standard Chartered and also four state-run banks, including the country’s top lender Agribank.
Vietnam also has 37 partly private banks, more than half of them are small with total assets of less than $1 billion each.
The country’s bank loans in the first nine months of this year rose 18.03 percent from the same period in 2007, slowing from an annual growth of 30 percent in the same period in 2007, the central bank said on Friday.
It aims to curb banks’ credit growth at 30 percent for the whole of 2008 to fight double-digit inflation, after lending surged 54 percent last year. ($1=16,519 dong) (Reporting by Ho Binh Minh; Editing by Kim Coghill)
Rick Adlam has been helping clients with home loan finance since 1985 when he was home consultant with AV Jennings. Rick started Equity Home Loans in 1996 to help homeowners become property investors. Rick currently consults in the development of Mr Mortgage for mortgage brokers and HomeMate for new home buyers.
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