Sacombank opens branch in Cambodia

The Governor of the National Bank of Cambodia, Chea Chanto, on October 5 handed over the decision to establish Sacombank Cambodia PLC to Dang Van Thanh, Deputy Chairman of the Sacombank Vietnam.

Present on the occasion were Deputy Governor of the State Bank of Vietnam Nguyen Toan Thang, Vietnamese Ambassador to Cambodia Ngo Anh Dung and Deputy Governor of Phnom Penh Trak Thai Sieng.

Thanh said Sacombank Cambodia PLC is totally funded by Sacombank Vietnam, and this is the first Vietnamese commercial bank to join the Cambodian commercial banking system.

The Sacombank leader noted that by the end of September Sacombank Cambodia had a total registered capital of US$40 million with 1,800 customers providing US$58 million in loans.

The bank earned US$1.2 million in profit last year, and is expected to fetch US$2.8 million by the end of this year.

To compete with other 40 banks in Cambodia, Sacombank will handle all the profiles two weeks faster than most of its competitors, offer attractive interest rates to customers, reduce the time for transfering money between Vietnam and Cambodia and allow borrowers to register their morgaged assets in Vietnam and disburse money in Cambodia.

In the next five years, Sacombank will set up 14 branches and a payment centre in Cambodia. – VOV

Tags: Sacombank Cambodia, Vietnam banking industry, Vietnam finance, Vietnam financial

Posted by VBN on Oct 6 2011. 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