The Australia and New Zealand Banking Group (ANZ) has been granted the approval in principle to set up a wholly incorporated operation in Vietnam, the Vietnam News Agency reported Thursday in Hanoi.

Following the move, the bank will open at least four new outlets in Vietnam by the end of this year.

The newly incorporated bank is expected to provide mortgage loans, credit cards, car loans and better savings and investments.

ANZ entered Vietnam in 1993 and has branches in Hanoi and Ho Chi Minh City, and a representative office in Can Tho Province. It currently has 13.9 percent equity in Saigon Securities Incorporation and ten percent stake in Saigon Thuong Tin Commercial bank (Sacombank).

So far this year, Vietnam has already granted licenses to the Hong Kong and Shanghai Banking Corporation (HSBC) and Standard Chartered Bank.

About 27 other foreign banks are awaiting approval to set up wholly foreign-invested operations.