Viet Nam has emerged as a key battleground between Australian bank ANZ and the Hong Kong-Shanghai Banking Coporation (HSBC) as the ANZ fleshes out its plans to expand further in Asia, locla media has said.
ANZ is keenly watching equitisation developments in Viet Nam's financial services industry where it competes head-to-head with the Hong Kong banking giant to be the largest foreign bank operating in the country, the Sydney Morning Herald reported.
Viet Nam is one of three locations, along with Malaysia and Indonesia, where ANZ believes it can become a top-tier domestic bank and match its presence as a "big four" player in Australia, according to the paper.
Those three countries, along with China and India , are major places in the Australian bank’s plan to expand the Asia-Pacific region’s profits fivefold to about 1.5 billion AUD by 2012.
According to the newspaper, new ANZ chief executive Mike Smith, who used to work for HSBC, made a point of visiting Viet Nam last month in one of his first trips overseas since taking office at ANZ on October 1.
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