Dai A Bank expands south

Thursday, May 15, 2008
Dong Nai headquartered Dai A Commercial Joint Stock Bank, or Dai A Bank, will inaugurate its branch in HCM City today as an important landmark for the lender to expand operations after converting itself into an urban bank from a rural bank.

Located at 1015 Tran Hung Dao Street in HCM City's District 5, the branch provides retail banking services, targeting individuals, small and medium enterprises, and especially companies in industrial zones and export processing zones, a representative of the bank said.

Dai A bank has total chartered capital of 500 billion dong and expects to double it to one trillion in third quarter of this year and to three trillion in 2010, the source said.

Apart from its headquarters and facilities in Dong Nai Province and this branch in HCM City, the bank expects to open more branches in Hanoi and Binh Duong, and some 15 transactions offices in other provinces by the end of this year.

On the occasion, Dai A Bank will sign agreements connect itself to the country's bank card networks including VNBC, BanknetVN and Smartlink. The bank launched the first 1,325 credit cards in April as part of a broader plan to issue multipurpose cards in June.

On this occasion, the bank will also ink deals with some securities companies in financial cooperation, and with enterprises in industrial parks to provide banking services.

Dai A Bank was established in 1993 in Dong Nai and has 10 branches and offices in this province. The bank obtained permission from the central bank in October 2007 to convert its business model from a rural commercial joint stock bank into an urban commercial bank.