Standard Chartered Vietnam boosts capital base with additional $100 million

By Tay Lan - Aug 30, 2019 | 11:56 AM GMT+7

TheLEADERThe London-based bank has added some VND2.3 trillion ($100 million) into its tier-2 capital in a bid to reinforce its business operation in Vietnam.

Standard Chartered Vietnam boosts capital base with additional $100 million
A branch of Standard Chartered Vietnam on Le Dai Hanh Street in Hanoi

The newly-added capital, together with the injection of $49 million in tier-1 capital in 2018, has now fattened Standard Chartered Bank Vietnam’s owner’s equity to around $300 million, preparing for its early implementation of Basel II as per the central bank’s requirement.

Standard Chartered has been investing significantly in the country over the past years and growing its business across all segments. It has expanded its distribution network by launching a new branch in District 7 – a new central business district in Ho Chi Minh city and recruited more people to support its business growth.

Going in line with the digitalisation trend the bank has also rolled out its cutting-edge digital services, including virtual credit cards and biometric safe deposit lockers to retail digital centres.

“The additional capital will enable us to further develop our award-winning digital capabilities and ensure we continue to meet and exceed our client’s expectations as their trusted, 21st century banking services provider,” said Nirukt Sapru, CEO for Vietnam and ASEAN and South Asia Cluster Markets at Standard Chartered Bank.

Standard Chartered has paid a strong attention on contributing to the development of Vietnam’s SMEs and priority sectors as it offers preferential lending programmes and organises workshops to help businesses enhance their knowledge and capabilities to play a bigger role in the economy.

The lender has recently co-hosted the third Bridging ASEAN seminar entitled ‘Growth Strategies for Mid-corporates’, which gathered over 100 business leaders from Vietnam and Asia to discuss on different approached for mid-corporates to succeed in the current economic landscape.