Standard Chartered Vietnam clarifies branch closure misunderstanding

Thanh Nien News

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A Standard Chartered Bank (Vietnam) office on Le Dai Hanh Street, Hanoi. Photo credit: Standard Chartered Vietnam A Standard Chartered Bank (Vietnam) office on Le Dai Hanh Street, Hanoi. Photo credit: Standard Chartered Vietnam
Standard Chartered Bank (Vietnam) Limited Tuesday made clear news stories published by some local news websites the same day stating that “the State Bank of Vietnam would be closing the branch of Standard Chartered Bank.”
This is a misinterpretation of information about changes being made to Standard Chartered’s holdings in Vietnam, the bank said in a statement.
Standard Chartered in 2009 transferred all assets and liabilities in Vietnam from Standard Chartered Plc, Ho Chi Minh City Branch, to the newly established Standard Chartered Bank (Vietnam) Limited entity, which is the group’s wholly owned subsidiary in the country. The Ho Chi Minh City Branch has been dormant since 2009.
On August 28, 2014, the State Bank of Vietnam at Standard Chartered’s request, provided its final approval for the asset transfers that the group carried out five years ago.
All of the current offices and branches of Standard Chartered Bank (Vietnam) Limited are still operating normally, the bank said.
 

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