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Banking & Finance

HDBank opens rep office in Myanmar

Released at: 17:47, 18/12/2019

HDBank opens rep office in Myanmar

Prime Minister Nguyen Xuan Phuc (C) at the event (Photo: HDBank)

Bank also signs agreement with Viettel Global during PM's official visit to Myanmar.

by Hung Cao

During the official visit to Myanmar by Prime Minister Nguyen Xuan Phuc, HDBank opened its first representative office in the country and signed a comprehensive cooperation agreement with the Viettel Global Investment JSC, which is expected to contribute to promoting economic growth and trade and investment between the two countries.

The ceremony was witnessed by Prime Minister Phuc, the Governor of the State Bank of Vietnam (SBV), Mr. Le Minh Hung, and senior Vietnamese representatives, together with the Governor of the Central Bank of Myanmar Mr. Kyaw Kyaw Maung, and senior leaders of Myanmar.

“Over past years, Vietnamese commercial banks have been actively strengthening their presence and operations in Myanmar with a long-term vision and have made remarkable progress and contributions,” Mr. Hung told the ceremony.

“During their operations, Vietnamese commercial banks have always been supported and facilitated by the government, the Central Bank, and relevant agencies in Myanmar, with the arrival of HDBank, the fourth Vietnamese bank in Myanmar, a clear demonstration of that spirit of cooperation.”

Marking its strategy of reaching out internationally and part of the important milestone of its 30th anniversary, this first HDBank representative office overseas is located in Bahan Township in Yangon.

The office will be a focal point for promoting investment and transactions; negotiating with, conducting transactions with, and supporting HDBank’s customers; introducing its customers to the banking network in Myanmar; supporting the supervision of foreign loans from HDBank; and creating an important link in supporting partners in business and investment in Myanmar.

Besides promoting the HDBank brand in the international market, the Myanmar representative office also contributes effectively and practically to investment and trade between Vietnam and Myanmar and the development of the business communities of the two countries.

It will be an extension to the current network of 285 banking transaction points and 14,500 financial transaction points of HDSaison nationwide.

HDBank will continue to exploit its network of local customers as well as Vietnamese customers in Myanmar. It previously established agent relationships with some 400 banks and branches in many countries and territories around the world, including all major markets.

At the opening ceremony, HDBank and Viettel Global also signed a comprehensive cooperation agreement, including some related to investment projects in Myanmar.

The strategic cooperation between HDBank and Viettel Global will help both parties exploit and promote their strengths in business and together provide more convenient services to serve customers better.

The bank will provide as much support as possible relating to credit services, deposit products, and banking services to Viettel Global, its staff, and its customers. It will accompany the “Investment and Business of Telecommunications Networks and Information Technology in the Republic of the Union of Myanmar” (Mytel) project of Viettel Global, maintaining granted credit and creating more and better conditions regarding capital and services, subject to the needs of the project.

In recent years, HDBank has made strong and comprehensive efforts in renovation to broadly expand its domestic market share and meet the requirements of international integration.

It has therefore always been proactive in applying international best practices in banking management and the application of modern technology in all aspects of its business and management. With financial potential and outstanding service capacity, the bank will bring to Myanmar new options and will contribute to economic and trade cooperation between the two countries.

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