Word: agribank
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...which is modernizing parts of its communist economy through China-style free-market reforms, has no credit bureau and only a rudimentary system of deposit insurance. Consumer lending is nearly nonexistent. Banking has been dominated by five state-owned institutions-including the largest, the Agriculture and Rural Development Bank (Agribank)-which traditionally focused on financing large, government-owned factories and other enterprises. The country's burgeoning private businesses were virtually ignored. Because of these factors, "You have a pent-up demand for very basic banking services," says Patrick Winsbury, senior vice president for Moody's Investors Services. "This...
...private lenders have powered much of the industry's recent growth. Among their target customers are people like Nguyen Thi Tuyet. Four years ago, the 30-year-old Hanoi travel agent became the first person in her family to open a bank account when she made a deposit in Agribank. Recently, she opened a second account with Techcombank, one of the country's private banks, and applied for her first Visa debit card. Tuyet says she prefers doing business with the latter because "the service is faster and more modern...
...Vietnam's private banks have enjoyed will disappear with the entry of foreign financial giants, which bring lending expertise and deep pockets that are impossible for their in-country rivals to match. Vietnam's largest private bank, Asia Commercial Bank, has total assets of just $2.8 billion, compared with Agribank's $14.6 billion. To compete, private banks are aggressively raising capital by selling shares to Vietnamese and foreign investors. For example, Ho Chi Minh City-based Eastern Asia Bank has built up a $1.35 billion war chest, according to its CEO, Tran Phuong Binh. The bank plans to introduce telephone...
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