Vietcombank licenced to open representative office in US

Thursday, Jun 27, 2019 08:40

Vietcombank has become the first Vietnamese bank to be granted a licence to open a representative office in the US. — VNS Photo
The New York State Department of Financial Services (NYDFS) has issued an official licence for the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) to open a representative office in the city.

Vietcombank’s representative office will be located in the famous One Rockefeller Plaza, Manhattan, New York.

In October 2018, Vietcombank received federal approval from the US Federal Reserve System (FED) as well as in-principle approval from NYDFS. Now Vietcombank has obtained full approval from US regulators to establish a representative office in New York.

To meet the strict requirements of US regulators, Vietcombank showed it was highly compliant with international banking standards, affirming its leading role in Viet Nam's banking system.

Vietcombank's representative office in New York is expected to officially come into operation from the third quarter of 2019, becoming an extended arm of Vietcombank in North America and adding to the bank's existing network of over 500 domestic branches and overseas offices including the Viet Nam Finance Company in Hong Kong, a representative office in Singapore, VCB Money Inc in the US and Vietcombank Laos.

In 2018, Vietcombank was recognised as the most profitable bank in Viet Nam with consolidated profit of VND18.3 trillion (US$785.4 million), an increase of 61.1 per cent compared to 2017. Vietcombank recorded impressive business results in the first quarter of 2019 with pre-tax profit of VND5.87 trillion, a 35 per cent increase year-on-year. — VNS

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