Under the agreement, the two banks will co-ordinate to assist clients and provide them with information and consultancy about the business and investment environment in Viet Nam and the country's laws on foreign investment in finance and banking sectors. — Photo HDBank

HCM CITY (Biz Hub) — HDBank signed an agreement for strategic co-operation with South Korea's HanaBank last Friday.

Under the agreement, the two banks will co-ordinate to assist clients and provide them with information and consultancy about the business and investment environment in Viet Nam and the country's laws on foreign investment in finance and banking sectors.

They will share information about the industrial sector in South Korea and Viet Nam, introduce potential industrial clients to each other, and co-operate for human resources training and other exchanges.

The co-operation between HDBank and HanaBank is expected to create favourable conditions for their development in areas like funds swap, financing each other's lending activities, syndicated loans and other banking services like remittances, international payments, trade funding, foreign currency transactions, card services, and issue of co-branded credit cards.

The agreement follows closely on the heels of the Viet Nam – Korea Free Trade Agreement signed on May 5, contributing to strengthening the relationship between companies and credit organisations from the two countries and helping promote economic ties between the two countries.

With assets of nearly VND100 trillion (US$4.6 billion), charter capital of VND8.1 trillion ($375.52 million) and more than 220 branches around the country, HDBank is one of the biggest joint stock banks in Viet Nam.

HanaBank belongs to the Hana Financial Group, one of the three leading banks in South Korea and a leader in the retail banking business. — VNS