Vietcombank to open subsidiary in Laos
Monday, 17/07/2017 16:56 (GMT+7)
The State Bank of Vietnam (SBV) has allowed the Bank for Foreign Trade of Vietnam (Vietcombank) to establish a 100 percent owned subsidiary bank in Laos.
The subsidiary bank will have an initial charter capital of USD80 million and must complete its inauguration within 24 months.
In addition, SBV has signed a decision opening Vietcombank’s representative office in New York city, the US, and also asked the bank to complete activities for the inauguration within 24 months.
A number of major Vietnamese banks have expanded their investment and presence in ASEAN countries, especially Laos, Cambodia and Myanmar.
Currently, Sacombank, Military Bank, Saigon Hanoi Commercial Joint Stock Bank and Vietinbank are present in Laos./.
BTA
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