Rep office becomes branch and will provide services associated with a commercial bank.
BNP Paribas will officially open a branch in Hanoi on September 9 to expand its capacity in Vietnam and demonstrate its continued commitment to the country.
The Hanoi Branch will carry out the activities of a commercial bank in accordance with State Bank of Vietnam laws and regulations, including capital mobilization, advisory, lending activities, payment and liquidity management, and treasury services.
“We are delighted to open the Hanoi Branch and thank the State Bank of Vietnam in granting approval for a second branch license in the country,” said Mr. Pierre Veyres, Regional Head of South East Asia for BNP Paribas. “The upgrading of our Hanoi representative office to a full branch allows us to better serve the needs of our clients in Vietnam and fully participate in one of the most rapidly-growing economies in the region.”
“Many of our key clientele, including State-owned enterprises and the head offices of multinationals, are based in Hanoi so it makes business sense to be where they are,” said Mr. Aymar de Liedekerke Beaufort, Head of Country for BNP Paribas in Vietnam. “With the branch license our clients can trade and book transactions directly in Hanoi without having to go through our Ho Chi Minh City branch, so business gets done faster and more conveniently.”
The BNP Paribas Hanoi Branch will be headed by Ms. Nguyen Thi Duc Hanh, who will report to Mr. Beaufort. “BNP Paribas has been in Vietnam since 1989, where we have both local knowledge and global expertise,” Ms. Hanh said. “This, coupled with our experienced team and product capabilities, makes us a compelling choice for clients in Vietnam and the region.”
BNP Paribas pursues its development in Vietnam with the conversion of its representative office in Hanoi into a full branch complementing its existing one in Ho Chi Minh City, established in 1992. The move is further evidence of BNP Paribas’ commitment to its development in Asia-Pacific and, in particular, to Vietnam, which is an important part of its regional set up.