Vietnam allows ANZ to set up local bank

11/10/2008 19:55:51

Vietnam has given the go-ahead for Australia's ANZ bank to set up a wholly owned subsidiary in the capital Hanoi.

ANZ will be allowed to operate in the communist nation for 99 years.

ANZ which has been operating in Vietnam since 1993, has retail and institutional businesses in the country and holds a 10 percent stake in Sacombank, Vietnam's leading commercial bank.

In September, HSBC and Standard Chartered became the first institutions allowed to set up local banks.

The recent developments are part of Vietnam's pledge to open its banking sector when it joined the World Trade Organisation in 2007.

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