CIMB Officially Presented Vietnam Banking Licence

KUALA LUMPUR, Sept 29 (Bernama) -- CIMB Bank Bhd's wholly-owned unit, CIMB Bank (Vietnam) Ltd, was officially presented its banking licence by the State Bank of Vietnam, allowing the bank to offer the full range of commercial and retail banking products in the country. Group Chief Executive Tengku Zafrul Aziz said CIMB Vietnam became the first foreign bank to be awarded such a licence after a seven-year hiatus, during which time the country undertook major reforms in its financial and banking sector. "Vietnam's transformation into a more open, market-oriented economy bodes well for the region, enabling CIMB to deliver its ASEAN proposition more effectively," he said in a statement Thursday. He said CIMB's investment in Vietnam also demonstrates the bank's long-term commitment to contributing to the development of Vietnam's financial sector and economy. He added that with the awarding of the licence, CIMB now has a presence in nine out of 10 ASEAN countries. To date, only seven foreign banks have been awarded a licence to operate a 100 per cent banking subsidiary in Vietnam. -- BERNAMA