Under the co-operation, Credit Saison will buy 49 per cent of HDFinance, which is a member of HDBank, and change the company's name to HD Saison Finance. — VNS Photo

HCM CITY (Biz Hub) — The HCM City Housing Development Joint Stock Bank (HDBank) and Japanese Credit Saison Company Ltd on Wednesday have formed a capital and business alliance, in which the two will contribute to develop the retail finance industry in the country.

Under the co-operation, Credit Saison will buy 49 per cent of HDFinance, which is a member of HDBank, and change the company's name to HD Saison Finance.

With this alliance, the two companies will use the resources, know-how and strong business territory of each group to become the leader in the domestic retail finance industry.

HDBank said the alliance would help them diversify consumption-loan products in the country such as credit cards, prepaid cards and other loan products.

Credit Saison, meanwhile, will have a chance to approach potential markets and be supported by HDBank as well as its shareholders.

According to the two companies, this new co-operation will help them enter finance markets in Viet Nam as well as neighbouring ASEAN countries such as Myanmar and Cambodia.

Credit Saison, the biggest credit card company in Japan, has issued 35 million credit cards in the country.

It works closely with big malls and trade centres as well as shops in Japan. It has also opened offices in China, Singapore and Viet Nam.

HDBanks, meanwhile, is one of the biggest financial banks in Viet Nam with more than 220 branches.

In 2013, the bank co-operated with the Viet Societe General Finance Company Ltd to set up HDFinance.

HDFinance has nearly 3,000 points of sale in Viet Nam to supply consumption financial services to the Vietnamese. — VNS