Vietnam’s Military Bank gets nod to open branch in Cambodia

The State Bank of Vietnam (SBV)’s governor, Nguyen Van Binh, on September 22 approved Military Commercial Joint Stock Bank (MB) to open its branch in Cambodia.
The branch that will be located at No 139, Norodom Boulevard, Phnom Penh, Cambodia will have functions of a commercial bank in line with regulation of the Kingdom of Cambodia with a lifespan equalling to the remaining operation duration of MBank.

MB must finalize legal procedures, prepare infrastructure and staff within 18 months in accordance with the regulation of the host country to be licensed for opening its facility in Cambodia. At the same time, MB also must strictly implement the provisions of current law on outward investments.

After the aforementioned time limit, if MB is not licensed to open branches in Cambodia, the central bank’s approval will be no longer valid.

MB will list over 73 million shares on Hochiminh Stock Exchange (HoSE) and is the fifth commercial bank listing shares on HoSE, after Vietcombank, VietinBank, Eximbank and Sacombank.

In the first six months of this year, the lender’s profit before tax reached over 1.46 trillion dong, or 50% of the year’s plan. Earlier, at the shareholders’ meeting, MB expected its profit before tax this year at 2.915 trillion dong.

Source: Vietbiz24.com

Tags: Military Bank, Vietnam banking industry, Vietnam finance, Vietnam financial

Posted by VBN on Sep 26 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