Bank of America opens Hanoi Branch.
HANOI--(BUSINESS WIRE)--Feb. 24, 1995--Bank of America officially opened its branch in Hanoi today following approval granted by the State Bank of Vietnam The State Bank of Vietnam (Vietnamese: Ngân hàng Nhà nước Việt Nam) is the central bank of Vietnam. History last November. Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. also operates a representative office in Ho Chi Minh City Ho Chi Minh City, formerly Saigon, city (1997 pop. 5,250,000), on the right bank of the Saigon River, a tributary of the Dong Nai, Vietnam. .
The new branch will be managed by Vice President Luu Le, head of the bank's Indochina Representative Office. It will provide a wide range of wholesale banking products as well as business liaison to Bank of America customers interested in doing business with Vietnam.
The branch opening was marked by a reception at the Hanoi Opera House Hanoi Opera House is an opera house in downtown Hanoi erected by French colonists in the early 20th century. It is considered as a typical French colonial architecture monument in Vietnam. It is regarded as a small-scale replica of the older of Paris's two opera houses. attended by Governor Cao Sy Kiem of the State Bank of Vietnam (the country's central bank) and a number of senior government ministers.
"The Hanoi office is an important link in our global network, expanding our services to customers who want to do business in, and with, Vietnam," said Group Executive Vice President Kai Nargolwala, head of Bank of America's wholesale banking activities in Asia.
"We appreciate the support the State Bank of Vietnam has given us and the confidence it has shown in our global strength and capabilities. We hope to expand our presence through another branch in Ho Chi Minh City and -- by emphasizing our quality of service and worldwide network -- to establish ourselves as a major player in Vietnam," said Nargolwala.
Executive Vice President Larry Greenberg noted Bank of America's commitment to Vietnam in the past. "We were the first US bank to introduce a family remittance program, enabling funds to be transferred from Americans of Vietnamese origin to family members in Vietnam, the first US bank to open a representative office in Vietnam, and, last year, the first American bank First American Bank is the name of numerous banks operating separately in each state of the United States. Please refer to the individual articles for more information on each bank. to extend credit via participation in a US$100 million syndicated loan Syndicated Loan
A very large loan in which a group of banks work together to provide funds for one borrower. There is usually one lead bank that takes a small percentage of the loan and syndicates the rest to other banks.
Also known as a "syndicated bank facility. to this nation," he said.
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