Vietcombank will be the first Vietnamese bank to open a representative office in the United States.
According to a statement on its website, Vietcombank has received approvals from the US Federal Reserve and the New York State Department of Financial Services to open its representative office in New York. “As Vietnam becomes more attractive to US investors, the Vietcombank’s representative office will be an extended arm for Vietcombank in the United States to support business development in this very potential market,” the statement reads.
The US office's main roles are to act as a liaison with Vietcombank's current and prospective clients and corresponding banks in the US, provide analysis of the banking and financial sectors and to participate in business conferences and other representational activities.
Vietcombank also adds that it will continue to follow the application procedures to obtain an official permit soon.
In a press release announced by the US Federal Reserve, the US considers the activities of Vietcombank's New York Representative Office to be supervised by the State Bank of Vietnam (SBV).
"The SBV conducts off-site monitoring of Vietcombank through the review of a set of periodic reports on the bank’s consolidated operations, including its branches, subsidiaries, and affiliates, both domestic and foreign. Vietcombank is required to provide annual audited financial statements to the SBV," the press release reads.
[Photo via Tin Nhanh Chung Khoan]
