Sacombank set to open in Cambodia
The HCM Stock Exchange listed Sacombank (STB) will be the first Vietnamese bank running a fully foreign invested bank in Cambodia.
The new Sacombank Cambodia, headquartered in Phnom Penh, has a charter capital of US$38 million and an operation duration of 99 years, according to Dang Van Thanh, Sacombank’s chairman.
Sacombank Cambodia is an upgrade of Sacombank’s branch, which opened in June 2009 with a capitalization of $18 million.
This new corporate status will enable the bank to expand business and better serve Cambodian customers as well as Vietnamese companies doing business there.
Last year the bank posted a money transfer turnover between the two countries of $250 million compared to the total bilateral trade value of $1.8 billion. – VNS
Tags: Sacombank, Vietnam banking industry, Vietnam finance, Vietnam financial
Posted by VBN on Oct 4 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
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Hehe, MSB is also the first Vietnamese bank running a fully foreign invested bank in Cambodia already. Most of banks which use only the payment service for credit card as well as finance leasing, MM, FX, etc…