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Lotte Card launches Vietnam consumer finance unit

South Korea-based Lotte Card Co. Ltd. launched wholly owned consumer finance company Lotte Finance Vietnam in Hanoi, the Maeil Business Newspaper reported Dec. 18.

The operations of Lotte Finance Vietnam are built from those of TechcomFinance, which Lotte Card acquired from Vietnam Technological and Commercial Joint Stock Bank in March.

Lotte Card plans to expand the consumer loan and credit card business operations of Lotte Finance Vietnam nationwide.