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Shinhan Bank Vietnam, a subsidiary of South Korea's Shinhan Bank, is top foreign bank in Vietnam

·2-min read
   Shinhan Bank Vietnam is the top foreign bank in Vietnam in terms of the number of networks it has in the country. Photo=Shinhan Bank
Shinhan Bank Vietnam is the top foreign bank in Vietnam in terms of the number of networks it has in the country. Photo=Shinhan Bank

Seoul [South Korea], May 11 (ANI/Global Economic): South Korea's leading bank Shinhan Bank has also cemented itself as the No. 1 foreign bank in Vietnam.

With 41 networks in operation, Shinhan Bank Vietnam Ltd operates the largest number of local networks out of foreign banks in Vietnam, according to commercial banks on May 5. As of the end of 2020, Shinhan Bank has 161 overseas networks in 20 countries, so 25.4% of the bank's networks are concentrated in Vietnam. The heavy concentration of Shinhan Bank's overseas business in Vietnam also implies that the banking business in the country is growing rapidly.

According to Shinhan Bank Vietnam, it ranks first among foreign banks in Vietnam not only in terms of the number of networks but also in financial performance with assets totaling approximately $5.83 billion (6.33 trillion won) in 2020.

With such business records, Shinhan Bank Vietnam was also selected as Vietnam's best foreign retail bank by International Business Magazine, a magazine specializing in global economy and finance.

It was selected as the best foreign retail bank for the second consecutive year by the publication after being awarded the title last year in recognition of achieving continued growth despite the difficult business environment that resulted from the spread of the novel coronavirus in 2020.

Since entering Vietnam in 1993, Shinhan Bank Vietnam has been contributing to the development of the Vietnamese financial market for 28 years, and has grown into Vietnam's No. 1 foreign bank through making business moves such as acquiring ANZ Bank (Vietnam) Ltd's retail division in 2017 and launching Shinhan SOLVN, a local mobile banking app.

"We will continue to make effort to become a bank recognized by customers and society by [putting] customer-centric values as a top priority even in the future," said an official of Shinhan Bank Vietnam. (ANI/Global Economic)

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