STANDARD CHARTERED TO EXPAND CONSUMER BANKING BUSINESS
Innovative financial products and services will be available for Hanoi
18 June 2008, Hanoi – Standard Chartered announced today that it will officially launch its Consumer Banking in Hanoi on 1 July 2008, following the success of current Consumer Banking unit in Ho Chi Minh City. The bank’s expansion to the important market of Hanoi showcases its commitment of making Standard Chartered’s innovative products and services accessible and approachable to a wider range of Vietnamese customers.
Standard Chartered will continue to combine its deep understanding of the local market with its global experience and expertise to provide trustworthy, secure and convenient services exclusively tailored to meet Vietnamese customers’ financial needs.
Namita Lal, Country Head of Consumer Banking, said she is delighted about this expansion to the high potential market of Hanoi: “We have successfully launched Wealth Management products including Power Saver, Flexi-Deposit, Executive Package designed for individuals and Business Saver and Flexi Deposit designed for small and medium enterprises (SMEs) Consumer Loan products have then been introduced, and we will continue to launch SME Loan Products soon. Hanoi is a dynamic market with increasing demand for innovative financial products and services. We are confident that with our success in Ho Chi Minh city together with our extended experience from other emerging markets in the region, Standard Chartered Consumer Banking services will meet and exceed local customers’ expectations.”
Vietnam have huge potentials for Consumer Banking growth with a large population of over 85 million people with over 50% below 25 years old which is an attractive demographic profile1.
Standard Chartered Consumer Banking provides innovative financial products and services to over 14 million customers, including individuals and small and medium enterprises (‘SME’), in Asia, Africa, and the Middle East. In Vietnam, Standard Chartered’s Consumer Banking unit has over 100 staff working at 2 branches in Ho Chi Minh City and Hanoi, and the bank plans to employ up to 500 staff by the end of 2010. The bank has placed its first ATMs at popular streets and its plan is to have more than 250 ATMs in Vietnam over the next 3 to 4 years.
Standard Chartered Bank received an approval in principle to locally incorporate in Vietnam, which was announced by the Prime Minister Nguyen Tan Dung during his visit to Britain in March 2008.