Bloomberg News

ANZ Bank Seeks Tenfold Increase in Wealthy Vietnamese Clients

October 17, 2011

Oct. 18 (Bloomberg) -- Australia & New Zealand Banking Group Ltd., which aims to get 30 percent of its revenue from the Asia-Pacific area by 2017, plans to increase its number of wealthy clients in Vietnam to 10,000 from 1,000 in three years.

The Melbourne-based Bank plans in the next two to three months to double the number of staff catering to individuals with a minimum investment threshold of $50,000, Tareq Muhmood, the bank’s chief executive officer for the southeast Asian country, said in an interview in Hanoi yesterday. ANZ’s service for high-net-worth individuals in the country has attracted 1,000 customers since its launch twelve months ago, he said.

“You’re looking at high-end professionals, or entrepreneurs who have built up their business, and you clearly have more than 10,000 in Vietnam,” he said.

The bank also plans to offer structured notes, or securities created to offer customized bets for investors, to wealthy clients, Muhmood said.

--Editor: Nathaniel Espino, James Gunsalus

To contact the reporter on this story: Nick Heath in Hanoi at nheath2@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net


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