Although an ANZ spokesperson told Dow Jones that she did not know when the license would be granted, this looks likely to occur in Q4 2007, and the new branches are expected to be established by the end of 2008.
This news comes just days after a new regulation came into effect that allows foreign banks to set up fully-owned subsidiaries in Vietnam. ANZ joins HSBC and Standard Chartered in applying for licenses to establish local businesses under the new regulation.
We have been very, very ready to start rolling out branches…you will see a lot happening after we get our license, ANZ Bank country general manager Thuy Dam told Dow Jones in the interview, as cited by the Associated Press.
ANZ already has a presence in Vietnam that has earned it several rewards in recent years from the Vietnam Economic Times, FinanceAsia and The Asian Banker.
