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Singapore's OCBC says may set up bank unit in Vietnam

Tue Jan 15, 2008 5:29am EST

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SINGAPORE, Jan 15 (Reuters) - Oversea-Chinese Banking Corp (OCBC.SI), Singapore's third-biggest bank, said on Tuesday that it may set up a fully-owned banking unit in Vietnam to take advantage of the country's growing financial services industry.

"We see significant growth opportunities in Vietnam's financial services sector, given the country's large population of 83 million and high GDP growth," Linus Goh, the bank's head of international operations told Reuters in a statement.

"To increase our options for growth in the market, we may establish a 100 percent owned subsidiary in Vietnam."

OCBC currently owns a 10 percent stake in Vietnam's VP Bank, which it plans to increase, he said. (Reporting by Saeed Azhar, editing by Neil Chatterjee)



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