Korean bank in Hanoi

Korean bank in Hanoi

HANOI (AFP): The Korean Exchange Bank (KEB) has opened a representative office in Hanoi, becoming the first South Korean bank to operate in northern Vietnam, a report said yesterday.

The Vietnam News quoted a bank official as saying the KEB will soon seek permission from Vietnam's State Committee for Cooperation and Investment (SCCI) to open a second representative office in the southern hub of Ho Chi Minh City.

The Korean Exchange Bank is the third South Korean bank to enter Vietnam. The first was Shinhan Bank, which opened a branch in Ho Chi Minh City in January, the report said.

Meanwhile, First Korea Bank has formed a joint-venture with Vietnam's Vietcombank to set up First Vina Bank, which has a branch in Hanoi and one in Ho Chi Minh City.