HSBC leads foreign banks in retail sales revenue. Foreign and domestic banks are developing retail sale strategies. (Photo: vir.com.vn)Hanoi (VNA) – Both foreign and domestic banks are racing to developretail sale strategies in Vietnam, the 93-million-people country-a fertile landfor banking retail business.
Vietnam’s two largest foreign banks, HSBC and Standard Chartered Bank, haveseen robust retail sales. Standard Chartered Bank officials said that the bank plansto recruit more in the retail sale cluster. Meanwhile, with a profoundunderstanding of the domestic market, HSBC leads foreign banks in retail salesrevenue.
Shinhan Bank, from the Republic of Korea (RoK), also wants a slice of Vietnam’sretail sector. Recently, the bank purchased the retail business of theAustralia and New Zealand Banking Group (ANZ). Last year, the bank outstrippeddomestic banks by earning more 1 trillion VND (43.9 million USD) from retailservices.
Two other foreign banks have been on the lookout for retail businesses fromother banks in the country.
Another bank from the RoK, Woorie, is making a beeline to branch out retailproducts in the country this year.
Meanwhile, retail is a core strategy of domestic banks. Large names like BIDV,VietinBank and Vietcombank are also developing in the retail sale sector.
VIB has announced the completion of its acquirement of a foreign bank’s branchin Ho Chi Minh City.
The VIB leader declined to reveal the name of the branch, but added the bankpursues its plan of purchasing the retail business of other banks in 2017. -VNA
VNA
