Online banking growing in Vietnam: Techcombank says its online banking has attracted 1,000 accounts just two weeks after launching the service. One third of the accounts have the balance of 50 mln dong or higher. Techcombank has decided to develop online activities as part of their plan to become the leading retail bank in Vietnam. Not only “old banks”, new comers in the market, including Lien Viet Bank and Saigon-Hanoi Bank have also announced the plan to develop new online products.
Banks asked to lend less until next year: Vietnam’s central bank has told commercial banks to reduce lending in the remaining months of the year as many banks have already posted high credit growth rates. Mr. Giau, Governor, said it was not necessary for the central bank to tighten control over lending right now, however, commercial banks should keep their lending in check and allow less money to flow into the market in the final months.
Banks ending loans to property investors: Some commercial banks said they would no longer offer loans to property investors as the central bank was now forcing them to keep interest on such loans under a cap set by the Government. In a note issued late last months, the SBV said lenders may not offer commercial home loans to investors at rates higher than 10.5%. As for first homebuyers, or those need of a house for living, commercial banks can lend them at higher rates as this would be considered consumer lending.
ADB lends Vietnam 600 mln USD for economic recovery: Vietnam on October 20 signed agreements with the ADB for two loans worth 600 mln USD to help the country cope with the impact of the global economic crisis and support policy reform. The first loan worth 500mln USD, with a term of five years, is sourced from the bank’s Countercyclical Support Facility (CSF). It will help finance the country’s critical public expenditure Programmes in 2009 and 2010.
Vietcombank rated Vietnam’s best bank. The Bank for Foreign Trade of Vietnam (Vietcombank) has been awarded the title of 2009 Best Vietnamese Bank for a series of its trade finance activities by the Asia Money magazine. This is the third consecutive year, Vietcombank has made it to the top at the Asia Money magazine’s selection. Vietcombank was awarded the prizes for the best provider of foreign currency services, the best trader on foreign currencies in the 2006-2008 period, and the best cash management. Besides, Vietcombank was also ranked as the best bank for its creative ideas in foreign currency services, the best intermediator in the trade of foreign currencies and the bank owning the best online trading background. As one of the largest and the most prestigious banks in Vietnam, Vietcombank now occupies a large market share, holding 10% of loans, 12% of deposits, 23% of international payments and 55% of card payments. In the first six months of this year, the bank’s pre-tax profits are estimated to have reached 2.45 trillion USD, the largest amongst joint stock banks.
Deutsche Bank AG HCM Branch allowed to provide bond services. The State Bank of Vietnam (SBV) issued Decision No. 2161/QD-NHNN on September 11 to permit the Deutsche Bank AG Ho Chi Minh City (HCMC) Branch to conduct such bond services as consulting and underwriting, and acting as an issuing and payment agent within the territory of the Socialist Republic of Vietnam. SBV requires the Deutsche Bank AG HCMC Branch to strictly comply with the Vietnamese law and relevant international practices on the aforesaid services.
Source: vietstock
