Techcombank and HSBC complete ATM co-operation deal

Friday, May 23, 2008
Viet Nam Technological and Commercial Joint Stock Bank (Techcombank), Viet Nam’s third largest joint stock commercial bank by equity, and its strategic partner HSBC, one of Viet Nam’s leading foreign banks, have successfully linked their Automated Teller Machine (ATM) networks together to bring greater convenience to retail banking customers.

Currently, Techcombank has 260 ATMs around the country and HSBC has 57. By the end of 2008, the total number of machines in the shared network is expected to reach over 450. Over the coming three years, HSBC plans to invest approximately US$28.55 million to expand its self-service banking facilities in Viet Nam, including multifunctional ATMs that can take cash deposits.

The ATM linkage also aligns with the two banks’ strategy for retail banking development. With the ATM linkage, customers of both Techcombank and HSBC in Viet Nam who hold credit cards, deposit and current accounts will be able to withdraw cash and check their bank balances and latest transactions at either banks’ ATMs with ease. In addition, customers will be able to carry out these transactions absolutely free of charge.

Techcombank, long acknowledged as one of the most dynamic banks in Viet Nam’s retail banking market, has developed value-added products and services to serve individual customers, including its new credit card launched in March 2008.

Mr Nguyen Duc Vinh, President and CEO of Techcombank, said, “As one of the fastest growing banks in the country, we are glad to reach such an agreement with our strategic partner HSBC, which aligns perfectly with Techcombank’s retail banking strategy as well as our vision and mission for the development of the financial market in Vietnam. This ATM linkage agreement validates our efforts in expanding our ATM network, not only with domestic but also international ATM card alliances. We believe that this agreement with a major international bank such as HSBC is the first of many to come that will provide added convenience and accessibility to our customers in the banking sector."

Following the launch of credit cards by HSBC in March 2008, the shared ATM network demonstrates HSBC’s commitment to expanding within Viet Nam’s retail banking sector. The move is especially important to HSBC as it was the first bank to introduce ATMs in Viet Nam in 1996.

“The joint ATM network, a first for HSBC in Viet Nam, is the latest in a progressive series of developments that we have made to ramp up our personal financial services. We see ATMs as a core aspect of our retail banking services and we believe such a network will become an increasingly important component of our distribution channel as we reach out to a broader base of customers,” said Thomas Tobin, President and CEO of HSBC in Viet Nam. (The Asian Banker)