The Taipei Fubon Commercial Bank has got permission from the State Bank of Vietnam to rename its two branches in Vietnam, officially completing its acquisition of the financially-troubled Chinfon Bank in Vietnam.
The major banking arm of Fubon Financial Holding Co. operates the branches in Ho Chi Minh City and Hanoi under the Fubon name in Vietnam.
With Fubon planning to open one more branch in the country, it will have the highest number of branches in Vietnam among Taiwanese-invested banks. The banks cater to Taiwanese investors who are top-ranked among foreign direct investors in Vietnam.
The Chinfon Bank had operated its two branches in Vietnam for 10 years with a combined capital of US$170 million.