Standard Charter branch locally incorporated

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UK-based bank Standard Chartered is converting its HCMC branch into a locally incorporated branch of Standard Chartered Bank Vietnam Limited, an online newspaper said Friday.

The change will cause no disruption in service for customers and operation will continue at the same office location, 37 Ton Duc Thang Street, District 1.

Jerry G. Ngo, head of the Origination and Client Coverage at Standard Chartered Bank in Vietnam, Laos, and Cambodia, told TBKTSG Online that the closure is in accordance with the procedures.

He said because Standard Chartered set up a locally-incorporated entity in Vietnam, Hanoi-based Standard Chartered Bank Vietnam Limited, the central bank requested the closure of the HCMC branch of UK-based Standard Chartered Bank and the transfer of branch's customer transaction files to the HCMC branch of Standard Chartered Bank Vietnam Limited.

Chartered is one of five wholly foreign-owned banks in Vietnam, including HSBC, ANZ, Shinhan Bank and Hong Leong Bank.

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