Inauguration of China Construction Bank Ho Chi Minh City Branch

 

16 April 2010 -- The grand opening of the Ho Chi Minh City Branch (“the Branch”) of China Construction Bank (“CCB” or “the Bank”) was held in Ho Chi Minh City, Vietnam. Attending the ceremony are Mr. Zhai Leiming, Charge d'Affairs of Chinese Embassy in Vietnam, Mr. Nguyen Van Binh, Deputy Governor of the State Bank of Vietnam, Mr. Guo Shuqing, Chairman of CCB, Mr. Yu Yongshun, Chief Audit Officer of CCB and over 200 other dignitaries from various quarters of society in Vietnam. The Ho Chi Minh City Branch is CCB’s first branch in Vietnam and also its second operating institution in the ASEAN countries. Its establishment not only further augments CCB’s global financial services network, but also marks a new level of attainment in the Bank’s overseas development strategy.

In recent years, there has been robust growth in the economic cooperation, trading and investments between China and Vietnam. China has been the largest trading partner of Vietnam for five consecutive years. In 2009, the total import and export value between the two countries was approximately US$21.05 billion, representing a year-on-year growth of 8.2%. In 2010, their bilateral trade value is expected to exceed US$25 billion. While the establishment of CCB Ho Chi Minh City Branch is in line with the development trend of economic and trade exchanges between the two countries, it is also a reasonable choice to meet market and customer demand for banking services and optimize resource allocation. As a globally recognized emerging market and being the most rapidly developed country in the ASEAN region, Vietnam has long been an important target area for CCB’s overseas business expansion. Currently, the Bank has already established correspondent relations with 23 local Vietnamese banks. In addition, a total number of 14 cross-border trade settlement accounts have been opened between CCB and Vietnam Bank for Agriculture and Rural Development and between CCB and Bank for Investment and Development of Vietnam. The establishment of this new branch will contribute towards the further improvement of the global financial services network of CCB and enhance its customer service capability effectively.

Mr. Guo says that CCB Ho Chi Minh City Branch will adhere to the Bank’s principle of prudent and compliant operation; it will strive to become a financial enterprise of exemplary management practices, first class services and excellent reputation; and it will integrate into the Vietnam domestic market as soon as possible in order to provide its Chinese and Vietnamese customers with safe, convenient, efficient and quality financial services and contribute positively towards the economic development of China, Vietnam and other ASEAN countries.

CCB Ho Chi Minh City Branch is located in the financial centre of the City. Its business scope includes deposits, loans, project finance, trade finance, international settlement, treasury transactions and agency services. With its foothold in Ho Chi Minh City, the Branch will extend its services to neighbouring countries. Backed by CCB’s solid financial strength, ample product offerings and extensive global support network, the Branch will endeavour to provide its customers with comprehensive, high quality and integrated financial services.

China Construction Bank is a large-scale commercial bank with a strong root in China. It ranks 2nd among the world’s listed banks in terms of total market capitalization. CCB’s return on assets (ROA) and return on earnings (ROE) are in the global leading positions, while its risk management, integrated service capability and profitability are in the leading league among domestic Chinese banks. As of the end of 2009, CCB’s total assets reached RMB9.623355 trillion (equivalent to USD1.409355 trillion) and net profit amounted to RMB106.836 billion (equivalent to USD15.646 billion)[1].

 

CCB has established overseas branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo, Seoul, New York and Ho Chi Minh City as well as a representative office in Sydney. CCB also has a number of overseas subsidiaries such as China Construction Bank (Asia) Corporation Limited, CCB International Holdings Co. Ltd, CCB (London) Limited, etc. In 2009, CCB ranked 2nd in the “Commercial Banking Top 10” by the Banker, a UK magazine, among which CCB ranked first among all Chinese banks. It was also named the ‘Best Bank in China’ by both Euromoney magazine in the UK and Asiamoney in Hong Kong.