Shinhan Opens Subsidiary in Vietnam
Shinhan Bank will open its Vietnamese corporate entity, ShinhanVina Bank, on Monday, the bank said Sunday.
It said that the lender successfully transformed its Ho Chi Minh City branch into a corporate body in a bid to expand business in the Southeast Asian nation. The move came one year after it received a license from the State Bank of Vietnam in December.
It is the first Korean bank to establish a subsidiary in Vietnam, and the fifth as a foreign bank.
“The outlook for the banking industry in Vietnam is bright because more money flows into the country to capitalize on the rapidly growing market,” an official at the bank said.
“We will focus on Korean customers first, but will provide financial services for local firms and retailers.”