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| Societe generale to expand corporate, investment banking segment |
| 03-JUL-2008 Intellasia | Saigon Times Daily page 2 |
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| 3 Jul, 2008 - 7:00:00 AM |
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France-owned Societe generale has announced it would deepen its presence in the Vietnamese financial and banking market by expanding the corporate and investment banking (CIB) unit in the country.
Speaking at a press conference in Hanoi last week on the occasion of the trip to Vietnam by two high-ranking executives of Societe generale in Asia, the bank's representatives said they were now very much focused on fostering and widening the CIB unit's business activities in Vietnam.
They furthered that CIB is a core business of the bank all over the world and Vietnam as well.
De Doan Tran, head of Societe generaleCIB in Asia Pacific, told the press conference that he and his colleague, Ashley Wilkins, who is head of Societe generale's Capital Raising and Financing in Asia outside Japan, came to Vietnam to grasp opportunities on the "impressively emerging growth" of the country's financial and capital market.
"Societe generaleCIB is very much committed to financing large-scale infrastructure as well as industry development projects in Vietnam," he noted.
De Doan Tran, Ashley Wilkins and the Societe generale team during the two-day trip had meetings and discussions with the Ministry of Industry and Trade, PetroVietnam, Electricity of Vietnam Group (EVN) as well as the World Bank in Vietnam and the Asian Development Bank (ADB).
"Through our CIB arm, we will make more significant investment into the local energy, natural resources and oil and gas sectors, in particular large projects. We are also eager to finance and support our Vietnamese partners in terms of investing outside Vietnam," he told the Daily.
He also showed his strong confidence in the bright macroeconomic perspectives of the country in the long run.
"Despite Vietnam's temporary economic challenges ahead caused by a rise in inflation, we at Societe generale still have an upbeat viewpoint about the economy, and of course about our long-term business outlook here," he said.
Societe generale has been active in the country for nearly 20 years with two representative offices in Hanoi and HCM City. The bank opened in May 2007 its fully owned financial company in Vietnam -the Societe generale Viet finance with a chartered capital of US$20 million which specialising in consumers credits.
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