Standard Chartered strengthens capital base in Viet Nam

Friday, Aug 30, 2019 17:12

Standard Chartered Bank Viet Nam's headquarters. The bank's capital reached around US$300 million. — Photo courtesy of Standard Chartered Bank Viet Nam

Standard Chartered Bank Viet Nam announced the completion of a tier-2 capital injection of US$100 million on Thursday.

The move further enlarges the franchise’s capital base, building on the bank’s tier-1 capital increase of around $49 million in 2018 and bringing its capital to around $300 million. The capital injection strengthens the bank’s readiness for early implementation of Basel II standards under Circular 41/2016/TT-NHNN issued by the State Bank of Viet Nam.

Judy Hsu, CEO for ASEAN and South Asia, Standard Chartered Bank, said: “Viet Nam plays a central part in our ASEAN footprint and is an important part of our global network. We remain fully committed to the country, where we have been present for 115 years, and to our clients operating there.

With our in-depth local knowledge, a comprehensive international network and advanced product and advisory capabilities, I'm confident that we will continue to be a strong partner to our clients as they seek to meet their growth ambitions.”

Standard Chartered has been investing significantly in Viet Nam over the last few years and growing its business across the country.

Nirukt Sapru, CEO for Viet Nam, ASEAN and South Asia Cluster Markets at Standard Chartered Bank, said: “Viet Nam continues to offer an exciting business opportunity, thanks to its strong fundamentals and economic prospects. We have built a strong business in Viet Nam and aspire to take it to greater heights. — VNS

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