Recently the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and Hana Bank, Republic of Korea (Hana Bank), signed a Memorandum of Understanding on Business Credit Card Issuance.

Under the MOU, BIDV will provide business credit card product to Hana Bank’s corporate customers in Vietnam. Specifically, Hana Bank, via its two branches in Hanoi and Ho Chi Minh City, will introduce BIDV’s business credit card product to their corporate customers. Similarly, the customers can contact the Hana Bank’s branches in Vietnam on demand for the guidance and procedure of BIDV’s business credit card application. BIDV guarantees to provide high quality product with convenience and safety for the Hana bank’s customers in Vietnam. In terms of credit card product, BIDV is one of the leading service providers in Vietnam market. The bank has been honored by the International Finance Magazine with the “Best Credit Card, Vietnam” award four years in a row (2016 -2019).

The cooperation in business credit card issuance is among of various fields that BIDV and Hana Bank have been actively implementing recently, especially after Hana Bank officially became BIDV’s strategic partner since November 2019. In addition to business credit card, the two banks expect to enhance the cooperation in many other fields such as: corporate co-finance, trade finance, international payment, cash management products for Korean companies and multinational companies operating in Vietnam including collection, tax payment, payroll payment... to better serve the two bank’s customers in Vietnam, Korea and around the globe.

About BIDV:

BIDV (HSX: BID) is the largest commercial bank in Vietnam by total assets and charter capital. The bank covers a wide range of operations including banking, insurance, securities and financial investment with a network of more than 1,060 branches and transaction offices as well as commercial presence in 6 countries and territories. BIDV has been serving 12 million customers and established partnerships with 2,300 financial institutions around the world.

About Hana Bank:

Hana Bank is a member of Hana Financial Group (Republic of Korea) - one of the largest financial groups in Asia, providing comprehensive financial services. Hana Bank manages an extensive operating network with 752 branches in the Republic of Korea and 176 branches in 24 countries. In Vietnam, Hana Bank has opened two branches in Hanoi and Ho Chi Minh City.

Strategic cooperation milestone

On 11 November 2019, BIDV officially signed a strategic cooperation agreement with Hana Bank, announcing Hana Bank as its foreign strategic shareholder owning 15% of BIDV's charter capital. This is the largest M&A transaction with a strategic investor in Vietnam's banking industry to date.