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Commonwealth Bank's first branch in Vietnam opens for business

28 August 2008

The Commonwealth Bank is adding to its presence in South East Asia with the opening of its first branch in Ho Chi Minh City.

“With Australia home to one of the largest Vietnamese populations outside Vietnam itself - and more and more Australian’s visiting Vietnam every year, we are well placed to provide financial services and solutions for our customers with interests in the region,” Garry Mackrell, Group Executive, International Financial Services said.

“While operating conditions are challenging at the moment in Vietnam, we strongly believe that long-term growth prospects are attractive,” Mr Mackrell said.

“The demand for financial services continues to increase and we are confident we can capitalise on the opportunities.

“We expect this branch will significantly improve services for our existing customers doing business in the region, as well as providing a strong and reliable foreign banking alternative to local expatriates and the people of Ho Chi Minh City,” he said.

Banking products will include transaction, savings and investment accounts, loans, foreign exchange and remittances and international trade services from our centrally located branch.

The Bank can now offer international money transfers (IMT) from Australia to Vietnam in Vietnamese currency (Dong) via NetBank and we will waive the IMT fee.

The Commonwealth Bank also has a representative office in the Vietnamese capital Hanoi, which has been operating for 14 years.

For contact details and further information about the branch, visit the website at www.commbank.com.vn

ENDS

For more information contact:
Steve Batten
The Commonwealth Bank
Mob: 0411 080 268
Ph: (02) 9378 2504

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