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Standard Chartered Vietnam sheds light on branch closure misunderstanding

Standard Chartered Vietnam sheds light on branch closure misunderstanding

Thursday, October 02, 2014, 14:16 GMT+7

Standard Chartered Bank (Vietnam) Limited on Tuesday explained reports in Vietnamese media that the State Bank of Vietnam would be closing its local branch.

This is a misinterpretation of information regarding changes being made to Standard Chartered’s holdings in Vietnam, Standard Chartered Bank (Vietnam) Limited said in a statement.

In 2009, Standard Chartered transferred all assets and liabilities in Vietnam from the Ho Chi Minh Branch of Standard Chartered PLC to the newly established Standard Chartered Bank (Vietnam) Limited entity, a wholly-owned subsidiary of the British banking company.

The Ho Chi Minh Branch has been dormant since 2009, Standard Chartered Bank (Vietnam) Limited pressed.

Even though the asset transfers were carried out five years ago, it was not until August 28 that the State Bank of Vietnam provided final approval for the transfers, which came at Standard Chartered’s request.

“All offices and branches of Standard Chartered Bank (Vietnam) Limited are operating normally,” the bank underscored in its press release.

Standard Chartered, which has been in Vietnam for 110 years, currently operates three branches and employs over 850 workers in Vietnam.

The bank provides a full suite of corporate and retail banking products and services for companies, financial institutions, small- and medium-enterprises, and individuals.

The private equity firm of Standard Chartered made two investments in Vietnam within two weeks from mid-September.

On September 15, Standard Chartered Private Equity announced it had bought a significant minority stake in Golden Gate Trade & Services JSC, a subsidiary of the Golden Gate Group – the owner and operator of 11 restaurant chains in Vietnam – for $35 million.

On September 29, it unveiled the second Vietnam investment, worth $90 million, to acquire a significant minority stake in An Giang Plant Protection JSC, a leading local agribusiness firm.

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