Transaction at ANZ office in Ha Noi. The bank expects to incorporate their Ha Noi branch into the AZN Bank Limited of Viet Nam – Photo azn.com

HA NOI (Biz Hub) — The Australia and New Zealand Banking Group Limited (ANZ) successfully appealed to the State Bank of Vietnam to withdraw its Ha Noi branch operating licence.

The branch's operations are being transferred to ANZ Bank Vietnam Limited.

The State Bank's decision is effective as of October 5, 2016, after the governor of the State Bank of Viet Nam considered ANZ's appeal to revoke the operating licence, which was given in 1992 to ANZ's Ha Noi branch.

The ANZ Ha Noi branch is responsible for the implementation of the decision and further assets liquidation, in addition to other legal procedures.

ANZ decided to close the Ha Noi branch and incorporate ANZ's operations in Viet Nam with ANZ Bank Vietnam Limited, a 100 per cent foreign funded bank founded in 2009.

ANZ Bank Vietnam Limited and ANZ's foreign branch in Ha Noi were both operating side by side.

ANZ's termination of the Ha Noi branch does not affect its strategy, operation and commitment to its clients in Viet Nam. ANZ Bank Vietnam Limited's office in Ha Noi and HCM City and its internet banking system and call centre are still available 24/7.

ANZ has been voted the best foreign exchange products and services provider in Viet Nam, according to financial publication Asiamoney's FX Poll 2016.— VNS