Chinatrust allies with Sacombank to tap market in Vietnam

Chinatrust Commercial Bank, a leading private bank in Taiwan, has recently been approved by Financial Supervisory Commission (FSC), the first of its kind, to partner with Sacombank, the largest private bank in Vietnam.

Sacombank was established in 1991, the first Vietnamese bank to be listed on the Ho Chi Minh City Stock Exchange, and runs 322 footholds in Vietnam and has expanded into China, Laos and Cambodia.

To expand overseas, Chinatrust has in recent years tapped the market in Vietnam, setting up a branch in Ho Chi Minh City and a representative office in Hanoi. The partnership with Sacombank allows the branch in Ho Chi Minh City to serve Chinatrust`s clients all across Vietnam.

In addition to Chinatrust, Cathay United Bank, another leading private bank in Taiwan, is also actively exploring the Vietnamese market, where it has three footholds-one branch and two representative offices. Besides, Cathay United is cooperating with a Vietnamese bank to set up the new "Indovina Bank," the first joint-venture bank in Vietnam, giving Cathay United 30 footholds in Vietnam to become the most active Taiwanese bank in the country.