ANZ merges Hanoi branch with ANZ Bank Vietnam
The Australia and New Zealand Banking Group Limited (ANZ) successfully appealed to the State Bank of Vietnam to withdraw its Hanoi branch operating licence.
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The State Bank's decision is effective as of October 5, 2016, after the Governor of the State Bank of Vietnam considered ANZ's appeal to revoke the operating licence, which was given in 1992 to ANZ's Hanoi branch.
The ANZ Hanoi branch is responsible for the implementation of the decision and further assets liquidation, in addition to other legal procedures.
ANZ decided to close the Hanoi branch and incorporate ANZ's operations in Vietnam with ANZ Bank Vietnam Limited, a 100 percent foreign funded bank founded in 2009.
ANZ Bank Vietnam Limited and ANZ's foreign branch in Hanoi were both operating side by side.
ANZ's termination of the Hanoi branch does not affect its strategy, operation and commitment to its clients in Vietnam. ANZ Bank Vietnam Limited's office in Hanoi and HCM City and its internet banking system and call centre are still available 24/7.
ANZ has been voted the best foreign exchange products and services provider in Vietnam, according to financial publication Asiamoney's FX Poll 2016.
