09:58 | 29/07/2016 Economy
The Bank of India (BOI) opened its 61 st overseas branch in Ho Chi Minh City on July 22, becoming the first Indian bank to operate in Vietnam.
BOI Managing Director Melwyn Rego at the opening of the bank's HCM City branch on July 22 (Photo: VNA)
The BOI’s new branch, located at No 37 Ton Duc Thang street in District 1, is expected to provide services for Vietnamese and Indian importers and exporters, thus fostering bilateral trade.
BOI Managing Director Melwyn Rego said the bank, established in 1906, is one of the biggest banks in India with a global investment of 133 billion USD.
It has 5,016 branches across India and 58 in over 20 other countries and world financial hubs such as Tokyo, Singapore, London, Paris and New York.
The same day, Japan’s Bank of Fukuoka, Ltd unveiled its representative office at No 29 Le Duan street in HCM City’s District 1.
The office will conduct market surveys and investment promotion. It is also tasked with supervising the implementation of agreements between the bank and Vietnam’s credit institutions and businesses, along with projects funded by the Bank of Fukuoka, Ltd in Vietnam.
Vice Chairman of the HCM City People’s Committee Tran Vinh Tuyen said the municipal administration pledges favourable conditions for foreign enterprises’ operations. The growing presence of foreign financial institutions and banks will open up more opportunities for domestic and foreign firms’ partnership, which will help fuel local sustainable socio-economic growth./.