Sacombank breaks ground for Laos branch

Saigon Thuong Tin Commercial Bank (Sacombank) last Thursday broke ground for new building of its branch in the capital city Vientiane in Laos in a bid to expand operations after one year’s presence there.The bank said in a statement it would spend US$10 million on the building, which covers 9,200 square meters with one ground floor and three stories in Chanthabury District in Vientiane.

Established in December 12 last year, the branch by late November this year had mobilized US$10 million and its outstanding loans totaled some US$5 million.

The HCMC-listed bank is now one of the biggest banks in Vietnam with total assets up to date at VND98 trillion and chartered capital of VND6.7 trillion. Its network comprises 290 banking units in Vietnam, one representative office in China, one branch in Laos, and one branch in Cambodia.

Tags: Sacombank, vietnam bank, Vietnam finance news

Posted by VBN on Dec 16 2009. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry