Malaysia's Public Bank to open new HCMC branch

Public Bank Vietnam Limited, a wholly-owned subsidiary of Malaysia’s Public Bank Berhad, has been okayed to open a new branch in Ho Chi Minh City.

The new branch, will be based in Hiep Thanh ward, District 12. Public Bank Vietnam has a year to launch, register, and announce the establishment of the new branch, the State Bank of Vietnam said Friday.

On November 30, the SBV also approved for Public Bank Vietnam to set up a new branch in the southern province of Long An and six transaction offices in Hanoi, Danang, HCMC and Binh Duong.

Public Bank Vietnam already has 33 branches and transaction offices across the country. The bank earned a post-tax profit of $379.35 million on a revenue of $1.12 billion in 2021, up 13.8% and 17.7% year-on-year, respectively, according to its 2021 annual report.

As of September 30, there were nine fully-owned foreign banks in Vietnam, according to the SBV. They are ANZ, Hong Leong Bank, HSBC, Shinhan Bank, Standard Chartered, Public Bank, CIMB, Woori Bank, and UOB. There were also 52 branches of foreign banks across the country.

Foreign banks have been expanding their businesses in Vietnam. Bank of America is completing procedures to open its second Vietnam branch in Ho Chi Minh City after the first opened in Hanoi 27 years ago, with an investment of $50 million.

Thailand’s Kasikornbank opened a branch in Ho Chi Minh City in August, aiming to have 1.2 million clients and disburse over $500 million in Vietnam before 2023.

South Korea’s Shinhan Bank in July launched one more branch in Hanoi and two more transaction offices in Ho Chi Minh City, increasing the total number of its units in Vietnam to 46.