Bank licensed by New York and US regulators to open office in Q3.
The New York representative office of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) is expected to officially begin operations in the third quarter of this year, becoming an extended arm of Vietcombank in North America and the first representative office of a Vietnamese bank in the city to be approved by US regulators.
The New York State Department of Financial Services (NYDFS) recently issued an official license to Vietcombank for the office, located in the famous One Rockefeller Plaza in Manhattan.
Previously, in October 2018, Vietcombank received federal approval from the US Federal Reserve (US Fed) as well as in-principle approval from NYDFS.
To meet the strict requirements of US regulators in regard to licensing, Vietcombank proved its compliance with international banking standards and affirmed its leading role in Vietnam’s banking system.
Vietcombank was recognized as the most profitable bank in Vietnam last year, with consolidated profit of $783.4 million, an increase of 61.1 per cent compared to 2017. Total assets and equity increased dramatically and credit quality was controlled well. Maintaining its growth momentum, the bank also recorded impressive business results in the first quarter of this year, with pre-tax profit of over $252 million, a 35 per cent increase year-on-year. Ranked by profit, Vietcombank retained its top position among listed companies on Vietnam’s stock market.
Vietcombank’s existing network includes over 500 domestic branches, transaction offices, representative offices, and subsidiaries, along with overseas operations such as the Vietnam Finance Company in Hong Kong, a representative office in Singapore, VCB Money Inc. in the US, and Vietcombank Laos.