Vietcombank to open representative office in New York
Vietcombank to open representative office in New York
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has received a license from the New York State Department of Financial Services (NYDFS) to open a representative office in New York.
The representative office will be located in the famous One Rockefeller Plaza, Manhattan, New York (New York State, USA).
Previously, in October 2018, Vietcombank received approval from the U.S. Federal Reserve System (FED) as well as in-principle approval from NYDFS’ direct management department. Thus, Vietcombank has obtained full approval from the U.S. regulators to establish its representative office.
In meeting all the strict requirements of the U.S. regulators for licensing, Vietcombank showed compliance with international banking standards, confirming the leading role of Vietcombank in the Vietnamese banking system.
In 2018, Vietcombank was recognized as the most profitable bank in Vietnam with consolidated profit of VND18.269 trillion, an increase of 61.1% compared with 2017. The total assets and equity increased dramatically, and credit quality was well controlled.
Keeping its growth momentum, Vietcombank recorded impressive business results in the first quarter of 2019 with pretax profit of VND5.878 trillion, a 35% increase year-over-year.
Vietcombank's representative office in New York is expected to officially begin operations in the third quarter of 2019 as an extended arm of Vietcombank in North America, adding to its existing network of over 500 domestic branches, transaction offices, representative offices and subsidiaries and its overseas operational network, including Vietnam Finance Company in Hong Kong, a representative office in Singapore, VCB Money Inc. in the United States and Vietcombank in Laos.
