HSBC and Standard Chartered Bank will be the first wholly owned banks in Vietnam

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According to the official statement of the officials of HSBC, their bank together with Standard Chartered Bank have got an approval from the State Bank of Vietnam for opening their wholly owned entities on the territory of Vietnam. Earlier neither of foreign banks received such permission but it became possible after joining WTO last year. It is expected that both of the banks will start their operation within coming 12 months. 

"We hope to become the first foreign bank to operate a fully owned local entity in the fast-growing Vietnamese banking sector and look forward to opening a new chapter in HSBC's history in Vietnam," said Thomas Tobin, CEO of HSBC in Vietnam.

As it was stated the headquarter of HSBC Vietnam will be located in southern commercial hub of Ho Chi Minh City, and Standard Chartered Bank’s one will be based in Hanoi. The capital of both banks is estimated about $183 million and $61 million relatively.