Wednesday, July 22, 2009
Thanh Nien (Hanoi)
The State Bank of Vietnam said Tuesday it gave approval to the Bank for Investment and Development of Vietnam (BIDV) to open a representative office in Cambodia.
The office, to be located in Phnom Penh, will be open for a four-year term, the central bank said in a statement on its website.
“This will be our first office abroad,” Tran Phuong, Hanoi-based BIDV’s deputy chief executive officer told Bloomberg Tuesday.
The Vietnam news agency said earlier this month that BIDV, the country’s second-biggest bank by assets, plans to invest US$50 million in Cambodia.
The agency quoted BIDV Chairman Tran Bac Ha as saying the Vietnamese bank was negotiating to acquire a Cambodian bank and the purchase would likely be completed this month.
BIDV also planned to invest in property and other businesses in Cambodia, Ha said.
He was also quoted as saying that BIDV was investing $15 million in Laos and Singapore.
Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank), Vietnam’s second-largest listed bank, last month opened a branch in Cambodia, which plans to open a stock market this year.
The office, to be located in Phnom Penh, will be open for a four-year term, the central bank said in a statement on its website.
“This will be our first office abroad,” Tran Phuong, Hanoi-based BIDV’s deputy chief executive officer told Bloomberg Tuesday.
The Vietnam news agency said earlier this month that BIDV, the country’s second-biggest bank by assets, plans to invest US$50 million in Cambodia.
The agency quoted BIDV Chairman Tran Bac Ha as saying the Vietnamese bank was negotiating to acquire a Cambodian bank and the purchase would likely be completed this month.
BIDV also planned to invest in property and other businesses in Cambodia, Ha said.
He was also quoted as saying that BIDV was investing $15 million in Laos and Singapore.
Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank), Vietnam’s second-largest listed bank, last month opened a branch in Cambodia, which plans to open a stock market this year.
3 comments:
It's great to see new investors coming to invest in Cambodia. With new investors in the country, now the people can have more jobs.
PPU
agreed
don't be jealous just because you couldn't open yours there! by the way, who's stopping you out there? it's your own fault! get with the program already for a change, would you! god bless cambodia.
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