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Korean lenders expand businesses in Vietnam

More South Korean bankers are moving to Vietnam for their overseas expansion. Shinhan Financial Group, South Korea’s No. 2 bank by total assets, is at the forefront of the movement. Its flagship commercial bank’s Vietnam subsidiary, Shinhan Bank Vietnam opened three more branches on July 29. It currently operates 46 branches across Vietnam. Shinhan Bank Vietnam plans to open five more branches in Vietnam. Joining the movement is Woori Financial Group’s flagship commercial bank, which recently opened another office in the largest city in Vietnam, Ho Chi Minh City. It also plans to launch another office in Ho Chi Minh City next month. Hana Financial Group’s brokerage unit earlier this year inked a strategic partnership with Vietnam’s BIDV Securities. Hana Financial Investment acquired 35% of BIDV Securities for KRW142bn through the deal.

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