Vietnamese, Korean agriculture banks team up

March 29, 2013 | 09:02

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Vietnam Bank for Agriculture and Rural Development (Agribank) on Monday signed a memorandum of understanding (MoU) on comprehensive cooperation with NongHyup Bank, formerly known as National Agricultural Cooperative Federation of Korea, to facilitate business links between the two countries.

Representatives of Agribank and NongHyup Bank shake hands after signing an MoU on Monday - Photo: Courtesy of Agribank

The two sides will cooperate in many fields such as letter of credit (L/C), trade finance, money transfer between the two nations and other financial services. The two lenders will also exchange experience and information in banking knowledge and training.

Agribank has set up agent relationships with over 1,000 financial organizations and foreign banks in nearly 100 countries and territories. As of the end of last year, its total assets had amounted to US$30 billion equivalent.

NongHyup Bank had total assets of US$174 billion as of March, 2012. It is the biggest bank in South Korea in terms of branch network.

Saigon Times

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