Malaysia's Hong Leong Bank Berhad is opening a new branch in Ho Chi Minh City, Vietnam, to make it the first Southeast Asian bank to set up shop in the country, says Viet Nam News.

In an interview with group managing director and chief executive officer Yvonne Chia, the news service revealed that the new unit will start with an initial capital of V$1 trillion ($55 million), which will be tripled by the next year. The branch is slated to launch in October this year.

"I would be interested to do business with family-owned companies, then grow them generation after generation. We will initially offer fixed deposit, savings deposit, current account, remittance, and treasury," said Ms Chia.

Ms Chia is also reported to have said that the bank is not interested in providing Islamic banking services in the country. Hong Leong has a fully fledged Islamic offering existent in Malaysia, with services covering Islamic banking and wealth management.

"Hong Leong Bank Viet Nam is equal to others, so we think we don't need to open Hong Leong Islamic Bank in Vietnam," she said.