Sumitomo Mitsui Trust Bank said Monday it has signed a memorandum of understanding for business cooperation with the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV).
Through the partnership with the Vietnamese state-run bank, the Sumitomo Mitsui Trust Holdings Inc. unit will help Japanese firms open local bank accounts, extend dong-denominated loans and give advice on mergers and acquisitions.
The collaboration is also designed to provide Japanese clients with more information on the investment environment and regulations in the Southeast Asian country.
Sumitomo Mitsui Trust also aims to start trust and asset management services in Vietnam through the BIDV, one of the country’s four major state-run commercial banks.
The Vietnamese bank has already teamed up with the Japan Bank for International Cooperation and Shinkin Central Bank.