Bangkok Bank continues expanding its financial business in ASEAN
Bangkok Bank continues expanding its financial business in ASEAN becoming the first and only Thai bank
Bangkok Bank has further expanded its success by becoming the first and only Thai bank to be granted a license to provide full custody services in the Ho Chi Minh and Hanoi stock exchanges. The services include receipt-delivery and settlement and clearing of securities transactions, safekeeping, and ensuring benefits are included in funds’ assets. The Bank continues to develop products and services that meet international safety standards and cover all financial needs to support Thai and foreign investors investing in Vietnam, while emphasizing its role as a leading regional financial institution.
Bangkok Bank Senior Executive Vice President Chaiyarit Anuchitworawong said that the Bank has been granted a license from the State Securities Commission of Vietnam (SSC) to provide custody services including receipt-delivery and settlement, and safekeeping, ensuring benefits for customers, and foreign exchange services for investing in the Ho Chi Minh Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX). The service will support institutional investors, securities companies, and fund management companies, both Thai and foreign, to invest in the Vietnam stock market as Vietnam is one of the top investment destinations in the ASEAN region.
Bangkok Bank was the first foreign bank to receive a banking services license in Vietnam to provide a full range of commercial banking operations. The Bank’s two branches, in Ho Chi Minh City (opened in 1992) and Hanoi (opened in 1994) have helped customers, both Thai and foreign companies wishing to invest in Vietnam, with a wide range of financial services, particularly for importing and exporting businesses such as opening letters of credit, trade finance, issuing a letter of guarantee for marine cargo, bill discounts, standby letters of credit, business loans, international funds transfer, currency exchange, investment advisory, mergers and acquisitions, and investment services.
Mr. Chaiyarit further said that: “Being granted a license to provide custody services will enable the Bank to provide more comprehensive financial and investment services to financial institutional investors. This is in line with the attractive investment opportunities in Vietnam as its economy has high growth potential thanks to the high volume of foreign investment and the export sector. Vietnam’s domestic consumption is growing strongly since more than half the population is of working age. In addition, the Vietnam stock market has an average growth rate of 13% a year which is attracting foreign and Thai investors, and its mutual funds have been of constant interest to investors over the past few years.” “Bangkok Bank is a Thai financial institution with more than 62 years of experience in providing financial services in Vietnam. At the same time, the Bank has more than 30 years of experience in custodian services. both in Thailand and overseas. This, combined with its capable personnel, modern and secure system that meets international standards, and technology that can be connected to the Vietnam stock exchanges, enabled the Bank to meet the requirements of the SSC and qualify as a custodian service provider. Importantly, the fact that the Bank is the first and only Thai bank to be granted a license to provide full custody services in Vietnam reinforces the Bank’s role as a leading regional financial institution and is in line with the Bank’s vision,” concluded Mr. Chaiyarit
