THE SOCIALIST REPUBLIC OF VIET NAM
Government News
First Vietnamese bank appears in Cambodia
VGP – The National Bank of Cambodia (NBC) just licensed a Vietnamese commercial bank, Sacombank, to officially establish its branch in Phnom Penh, Cambodia.
January 14, 2009 4:06 PM GMT+7
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Sacombank’s branch makes its debut in Laos. |
Sacombank became the first Vietnamese player to penetrate into the neighbor’s banking sector.
With the license, Sacombank is free to complete preparatory steps for the branch’s operation, including building the office as well as recruiting and training its staff.
The branch is expected to officially come into operation in June 2009.
Apart from the Phnom Penh branch, Sacombank owns other nine ones and over 20 transaction offices serving trade activities along the borderline between Việt Nam and Cambodia.
On December 12, 2008, Sacombank became the first Vietnamese bank to do business in Laos.
By Kim Loan