Standard Chartered Bank completes US$100m capital injection
Standard Chartered Bank completes US$100m capital injection
Standard Chartered Bank Vietnam on August 29 announced the completion of a tier-2 capital injection of US$100 million, strengthening its readiness for early adoption of Basel 2 under Circular 41/2016/TT-NHNN issued by the State Bank of Vietnam.
The move further expands the Vietnamese franchise’s capital base, building on the bank’s tier-1 capital increase of some US$49 million in 2018 and bringing its own capital to around US$300 million (some VND6.9 trillion).
Judy Hsu, CEO for ASEAN and South Asia, Standard Chartered Bank, noted that Vietnam is a central part of the bank’s ASEAN footprint and global network.
“We remain fully committed to the country, where we have been present for 115 years, and to our clients operating there. With our in-depth local knowledge, a comprehensive international network and advanced product and advisory capabilities, I'm confident that we will continue to be a strong partner to our clients as they seek to meet their growth ambitions," Hsu said.
Standard Chartered has been investing significantly in Vietnam over the last few years and growing its business across the country.
The bank has expanded its distribution network by launching a new branch in District 7, which is a new central business district in HCMC, and has recruited more people to support its business growth.
To make banking safer and more convenient for clients, the bank has also introduced cutting-edge digital services, from virtual credit cards and biometric safe deposit lockers to retail digital centers that allow clients to conduct transactions such as cash deposits and withdrawals, access online banking services and contact the client care team around the clock.
Nirukt Sapru, CEO for Vietnam and ASEAN and South Asia Cluster Markets, Standard Chartered Bank, stated that Vietnam continues to offer an exciting business opportunity, thanks to its strong fundamentals and economic prospects.
“We have built a strong business in Vietnam and aspire to take it to greater heights. The additional capital will enable us to further develop our award-winning digital capabilities and ensure we continue to meet and exceed our client’s expectations as their trusted, 21st century banking services provider," Sapru remarked.
In the announcement, the bank confirmed that it is expanding and reinforcing its commitment to Vietnam and continuing to contribute significantly to the country’s development by helping international clients invest in Vietnam and Vietnamese people and companies connect with the world and global supply chains.
The bank also continues to play an active role in the development of the local capital markets, acting as the placement agent for many VND-denominated guaranteed bond issuances for Vietnamese enterprises in recent years.
