Press Release
Standard Chartered launches a Taiwan Desk in Vietnam to capture growing trade flows between the two countries
Region: South East Asia Published by:
Hsueh Mei TAN
Date:
12 August 2009
Corporate finance, Foreign exchange, Cash, Trade Finance
Singapore, 12 August 2009 – Standard Chartered Bank (Vietnam) Limited has launched the Taiwan Desk as part of its Origination and Client Coverage offering for Wholesale Banking clients.
The launch of the Desk is supported by the growing trade flows between Vietnam and Taiwan and the large presence of Taiwanese corporates in Vietnam. In 2008, Vietnamese exports to Taiwan were in excess of USD 1.4 billion while imports from Taiwan were over USD 8.3 billion [see footnote 1]. The investment in Vietnam by Taiwanese companies was over USD 8,6 bn in 2008 [see footnote 2], with Taiwan ranking second in terms if Foreign Direct Investment (FDI). There are also presently 2,000 Taiwanese corporates in Vietnam [see footnote 3].
In addition to dedicated relationship management and mandarin-speaking staff, the Desk will also offer the full suite of Wholesale Banking products and services of the Bank. Standard Chartered Bank believes the Desk will be a catalyst to draw Taiwanese investment to Vietnam and will also deepen relationships with existing and new Taiwanese clients operating in Vietnam.
On the launch, Jerry Ngo, Managing Director and Head of Origination and Client Coverage, Vietnam, Laos and Cambodia, Standard Chartered Bank, said: "This new initiative is in line with our aim to be the right partner for Taiwanese corporates in Vietnam and Taiwan. With Standard Chartered Bank’s deep local knowledge, global expertise and capabilities, we are well positioned to serve the growing and diverse financial needs of clients in both countries. "
Standard Chartered Wholesale Banking provides a full suite of products and services including lending, cash management, trade financing, foreign exchange, treasury services and corporate advisory solutions. The Bank’s clients include global corporates, large state-owned enterprises, local corporates, financial institutions, commodity traders and agribusiness clients.
Footnote
[1] Commercial Division, Taipei Economic and Cultural Office in Ho Chi Minh City
[2] Source: Taiwan Trade Center in Ho Chi Minh City
[3] Source: Taiwan Trade Center in Ho Chi Minh City
For further information, please contact:
TAN Hsueh Mei
Corporate Affairs, Group Wholesale Banking
Tel: + 65 67257729
E-mail: tan.hsueh-mei@sc.com
Note to editors:
About Standard Chartered Bank
Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth.
Standard Chartered aspires to be the best international bank for its customers across its markets. The Group earns around 90 per cent of its income and profits in Asia, Africa and the Middle East, from its Wholesale and Consumer Banking businesses. The Group has over 1600 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.
Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs around 70,000 people, nearly half of whom are women. The Group's employees are of 125 nationalities, of which about 70 are represented in the senior management.
For more information on Standard Chartered, please visit www.standardchartered.com
Standard Chartered Bank (Vietnam) Limited – The Right Partner in Vietnam
In Vietnam, Standard Chartered’s history can be traced to 1904 when the Bank opened its first branch in Saigon. Standard Chartered Bank (Vietnam) Limited currently has two branches: in Hanoi and Ho Chi Minh City.
Standard Chartered employs over 350 staff in Vietnam. The Bank provides a full suite of Wholesale Banking products and services to corporates, financial institutions, state-owned enterprises, commodity traders and agribusiness clients. The Consumer Banking business serves individuals and small and medium enterprises.
Following the official approval from the State Bank of Vietnam to set up a wholly foreign-owned bank in Vietnam, effective 1 August 2009, Standard Chartered has commenced operations of the locally incorporated entity – Standard Chartered Vietnam Limited. Local Incorporation is an important milestone in Standard Chartered Bank’s history in Vietnam.
For more information, please visit: http://www.standardchartered.com/vn/en/
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