Cooperative agreement will see both work together to provide advice and services in Vietnam and South Korea.
HDBank signed a strategic cooperation agreement on May 8 with Hana Bank, one of the oldest and most prominent banks in South Korea.
The two will cooperate to provide information and consult customers on Vietnam’s business and investment environment as well as the country’s legal provisions for foreign investors in the banking and finance sector. They have also committed to sharing industry knowledge in Vietnam and South Korea and will introduce potential clients in each country and organize staff training and forms of exchange.
“HDBank considers the cooperation with Hana Bank as an opportunity to support South Korean investors in Vietnam and promote the economic relationship between the two countries,” Ms. Nguyen Thi Phuong Thao, Vice Chairwoman of the Board of Directors at HDBank, told the signing ceremony. “This marks a milestone in the process of integration with the region and the world and will enhance the bank’s reputation.”
The cooperative deal will create the conditions necessary for development in the two countries, such as capital support and cooperation in financial and banking services like money transfers, international payments, foreign exchange transactions, ATM card services, and the issue of credit cards.
“HDBank is growing fast and holds numerous advantages in the retail and enterprise segment,” President and Chief Executive Officer of Hana Bank, Mr. Kim Byoungho, said. “I hope the relationship between the two banks will grow further.”
Established as the Korea Investment and Finance Corporation in 1971 before becoming Hana Bank in 1991, Hana Bank is one of the Top 3 banks in South Korea. It opened its first office in Ho Chi Minh City on May 7; just one day before signing the cooperative deal with HDBank.
HDBank, meanwhile, was founded on January 4, 1990, and was one of Vietnam’s first commercial banks. As at December 2013 it had 200 sales points covering major economic centers. Pre-tax profit in 2014 was VND700 billion ($32.42 million), with a return-on-asset (ROA) ratio of 0.6 per cent and a return-on-equity (ROE) ratio of 6.9 per cent.