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CIMB gets Vietnam license

Malaysian banking company CIMB Group Holdings has secured a license to operate in Vietnam. The group said in a statement the in-principal approval allows the group to establish and operate a wholly-owned subsidiary that can offer full-fledged banking services in Vietnam. The group is expecting to set up its first branch in Hanoi, which would be fully operational by the third quarter of 2016, which is when the banking group is expecting to secure the full operating banking license. Currently, CIMB Group’s presence in Vietnam is limited to brokerage services via its partnership with Vndirect, a Vietnam-based brokerage firm.

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