Shinhan Bank Vietnam opens branch in Da Nang

Shinhan Bank Vietnam, the local subsidiary of South Korea’s major lender, opened four new branches in the Southeast Asian country this week, officials said Friday.

It also became the first Korea-based bank there to run a complete nationwide network that covers the central region, with a branch in the popular tourist city of Da Nang.

Shinhan Bank CEO Jin Ok-dong attended the opening ceremony on Thursday, along with key officials from the local government and the country’s central bank, according to the bank’s officials.

With the new branches, Shinhan Bank Vietnam has become the largest foreign bank to operate in Vietnam, with 36 branches across the country.

Of them, 20 are located in Ho Chi Minh City and the surrounding southern region, while 15 are in Hanoi and the northern area. The Da Nang office is the first to be established in the central zone.

“With the opening of our Da Nang office, we have gained access to a nationwide network (in Vietnam) that runs from south to north throughout the central region,” said an official.

Shinhan Bank, the flagship unit of Shinhan Financial Group, has for years been focusing its overseas strategies on the Southeast Asian region, especially Vietnam.

By Bae Hyun-jung (tellme@heraldcorp.com)