Vietcombank's Representative Office in New York is expected to officially come into operation from the third quarter of 2019, becoming an extended arm of Vietcombank in the North America, adding to Vietcombank's existing network of over 500 domestic Branches/ Transaction Offices/ Representative Offices/ Subsidiaries; and overseas operational network including Vietnam Finance Company in Hong Kong, Representative Office in Singapore, VCB Money Inc. in the U.S. and Vietcombank Laos.
On June 17, 2019, the New York State Department of Financial Services (NYDFS) issued an official License for Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to maintain a Representative Office in New York. Accordingly, Vietcombank’s Representative Office in New York is located in the famous building One Rockefeller Plaza, Manhattan, New York (New York State, USA).
Previously, in October 2018, Vietcombank received the federal approval from the U.S. Federal Reserve System (FED) as well as the in-principle approval from NYDFS (direct management department at the state level). Thus, up to now, Vietcombank has obtained full approval from the U.S. regulators to establish a Representative Office in New York.
To meet all strict requirements of the U.S. regulators for licensing, Vietcombank showed its outstanding efforts to be highly complied with international banking standards, affirming the leading role of Vietcombank in the Vietnam banking system. In 2018, Vietcombank was recognized as the most profitable bank in Vietnamwith consolidated profit of VND 18,269 billion, an increase of 61.1% compared to 2017. The total asset and equity increased dramatically, credit quality was well controlled. Keeping growth momentum, Vietcombank recorded impressive business results in the first quarter of 2019 with pre-tax profit of VND 5,878 billion, a 35% increase year-over-year. Ranked by Profit, Vietcombank kept its No.1 position among the listed companies in the Vietnam stock market
Vietcombank's Representative Office in New York is expected to officially come into operation from the third quarter of 2019, becoming an extended arm of Vietcombank in the North America, adding to Vietcombank's existing network of over 500 domestic Branches/ Transaction Offices/ Representative Offices/ Subsidiaries; and overseas operational network including Vietnam Finance Company in Hong Kong, Representative Office in Singapore, VCB Money Inc. in the U.S. and Vietcombank Laos.
VCB News