SHB opened its first branch in Myanmar (Source: VNA)
Hanoi (VNA) - The Saigon-HanoiCommercial Joint Stock Bank (SHB) recently opened its first branch in Myanmar,according to Lao Dong newspaper.
The event marks an important step for the bankas it is not only present in Indochinese markets but also the Southeast Asianregion.
The State Bank of Vietnam (SBV) recentlyapproved SHB’s plan to open new branches in Ha Tinh, Dak Lak, Ha Nam, Binh Dinhand Tay Ninh provinces. These will become operational in the third quarter ofthis year.
Myanmar is a developing economy with greatpotential in finance-banking. In 2010, Vietnam and Myanmar signed a jointstatement on comprehensive cooperation.
A memorandum of understanding on bankingcooperation was also signed between the SBV and the Central Bank of Myanmar,laying a legal framework for Vietnamese banks to set foot on the country.
According to Nguyen Van Le, SHB GeneralDirector, the expansion of branches in and outside Vietnam is an important goalof the bank to improve the quality of its services, business efficiency andcompetitiveness.
SHB aims to become a mufti-functional retailbank in the future, Le said.
Established in 1993, SHB is among the fivelargest private commercial banks in Vietnam.
As of September 2016, its total assets reachedmore than 215 trillion VND (10.3 billion USD), including nearly 13 trillion VND(619 million USD) of equity capital.
The bank has about 500 transaction sites inVietnam, Laos and Cambodia.
In 2016, SHB won several domestic andinternational honours such as being named one of the 10 most prestigious banksin Vietnam, the best financing-project bank in Vietnam and the best small-andmedium-sized enterprise bank in Vietnam.
It was also honoured as the most outstandingforeign bank in Cambodia as well as the best deposit product and brandinitiative, and the internet-banking provider in Vietnam.-VNA
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SHB opened its first branch in Myanmar (Source: VNA) 
