Shinhan Bank has become the largest foreign bank operating in Vietnam by setting up 36 branches across the country.
Shinhan Bank announced on Aug. 16 that its subsidiary in Vietnam has opened four additional branches in Vietnam, one each in Da Nang, Hanoi, Haiphong and Binh Duong Province. Business Korea News Portal reports.
Related: Set Up a Branch Office in Vietnam as foreign investors
With six additions this year alone, Shinhan Bank Vietnam, the local subsidiary of South Korea’s major lender, now operates 36 outlets across Vietnam, the biggest network among foreign lenders. It has 20 branches in southern cities like Ho Chi Minh, 15 in northern regions including Hanoi, and one in Da Nang, central Vietnam.
In particular, Shinhan Bank is the first among South Korean banks to open an outlet in Da Nang, an important port city in central Vietnam.
According to Business Korea, while expanding channels, Shinhan Bank Vietnam is promoting a “One Shinhan” project by connecting with other affiliates of Shinhan Financial Group, such as Shinhan Card Co., Shinhan Investment Corp., Shinhan Life Insurance Co. and Shinhan DS Co.
In additiown, the bank has established the headquarters of its corporate investment banking unit in Vietnam and strengthened its asset management business in the Southeastern country. Vietnam has emerged as Shinhan Bank’s business base for the New Southern Policy. The head of Shinhan Bank Vietnam also serves as the head for the bank’s operations in the Indochina region which includes Vietnam, Myanmar and Cambodia.