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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 last November. Bank of America also operates a representative office in Ho Chi Minh City.

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 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 to extend credit via participation in a US$100 million syndicated loan to this nation," he said.

CONTACT: Bank of America

Kaori Ikegaya-Hong Kong, 852/597-2931

Sharon Tucker-San Francisco, 415/622-2775
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Publication:Business Wire
Date:Feb 24, 1995
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