Deutsche Bank boosts its Vietnam business 30 May 2023Vietnam Reporter: Lucy Carter
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Deutsche Bank has increased the capital allocated to its Ho Chi Minh City branch to more than US $200 million, an increase of US $100 million.
The investment is intended to expand the bank’s presence in Vietnam and allow it to undertake more activity on behalf of its clients.
Deutsche Bank’s Vietnam outpost provides corporate and investment banking solutions, such as cash management, custody and trade finance, to multinational companies, large local corporates and financial institutions operating in the country.
The business has doubled its revenue in the last two years, and is a significant element of Deutsche Bank’s APAC franchise.
Alexander von zur Muehlen, APAC CEO and member of the management board, says: “This capital investment in Vietnam is reflective of our confidence in this market’s rapid development and long-term growth trajectory. Vietnam is an increasingly strategic market for our clients and therefore an important part of our regional platform. We look forward to continuing to expand our business here alongside our clients over the years to come."
Huynh Buu Quang, chief country officer for Vietnam, adds: “This important investment will further reinforce our broad capabilities and enable us to do even more for our clients. We are very well placed to achieve our long-term goal of becoming the leading foreign bank in Vietnam.”
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