Malaysia’s CIMB bank eyes expanding into Vietnam
(VOV) - Malaysia’s second largest bank, CIMB Group, is planning to obtain banking licenses in Vietnam as part of its drive to expand into the fast-growing Southeast Asian market, according to Reuters.
The group has embarked upon an ambitious plan for opening branches in all Southeast Asian nations by 2015 coinciding with the establishment of the ASEAN Economic Community (AEC), reports ChannelNewAsia.
At present, CIMB is the fifth largest bank in the region in terms of total assets. The Kuala Lumpur-based bank has an estimated 40,000 employees in 17 locations throughout ASEAN and the Asia-Pacific region
In Vietnam, Malaysia’s largest bank Maybank is also entrenched in investing in the Vietnamese market. Maybank is now a strategic shareholder of An Binh Bank (ABBank) which has opened two branches in Hanoi and HCM City.
As of the end of 2013, Vietnam had five wholly foreign-invested banks with 100 branches and representative offices.