Comrade Men Xam An at the inauguraton of Yuon bank in Nam Vang, Nambodia

The launching ceremony (Source: Vietnamplus)

Bank launches operations in Cambodia

11/02/2012
Vietnamplus

The Saigon-Hanoi Commercial Bank (SHB) opened its doors in Phnom Penh on Feb. 9, aiming at boosting trade and economic relations with Cambodia.

Speaking at the launching ceremony, SHB Chairman Do Quang Hien said SHB considers Cambodia the first foreign investment market in its long-term strategy to make itself a modern retail bank of Vietnam and the region.

Cambodian Permanent Deputy Prime Minister Men Sam An highly valued SHB’s move to launch the branch in Cambodia . She said the decision proves firm confidence of foreign investors, including those from Vietnam , in the Cambodian economy.

Another Viet bank open up in Cambodia ... thanks to Uncle Ho's nephew, Hoon Xhen

Vietnam's Agribank Opens First Branch In Cambodia

Monday, June 28, 2010
By Vu Trong Khanh

HANOI -(Dow Jones)- State-run Vietnam Bank for Agriculture and Rural Development, or Agribank, opened Monday a branch in Phnom Penh, its first overseas branch, the bank said Monday.

Agribank, Vietnam's largest financial institution by assets, said in a statement it aims to serve Vietnamese businesses operating in Cambodia and the country's population of 14 million people.

"Trade between Vietnam and Cambodia has annually grown by an average of 30% over the recent years," said Agribank chairman Nguyen The Binh, adding that trade between the two country is expected to reach $2 billion this year.

Agribank currently has total assets of $24.7 billion and has 2,300 branches and transaction offices throughout Vietnam.

Another Viet bank allowed to operate freely in the colony

Investment bank opens branch in Cambodia

May 17, 2010
VNA

The Bank for Investment and Development of Vietnam (BIDV) has opened its first branch in Cambodia.

The Vietnamese-invested Bank for Investment and Development of Cambodia (BIDC) with a charter capital of US$70 million is the second largest bank of its kind in Cambodia.

In addition to BIDC, BIDV opens representative offices and invests in other projects in Cambodia, such as the Cambodia Investment and Development Joint Stock Company and the Vietnam-Cambodia Insurance Joint Stock Company.

Another one of Uncle Ho's bank is opening its office in Phnom Penh ... with Hanoi blessing

BIDV allowed to open Cambodia representative office

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.

Vietnam opens bank in Cambodia to promote bilateral trade [... or to better control Cambodia?]

PHNOM PENH, Jun. 24, 2009 (Xinhua News Agency) -- Vietnam's commercial bank Sacombank opened its first branch in Phnom Penh on Tuesday, bringing the total number of commercial banks in Cambodia to 30, local media reported on Wednesday.

Bank officials say that Cambodian operation will not compete with local banks, but will assist cross-border transactions between Cambodia and Vietnam.

"We are here to improve cross-border business, especially between Cambodia and Vietnam," John Vong, deputy CEO of Sacombank, was quoted by the Chinese language newspaper the Commercial News as saying.

The bank's Chairman Dang Van Thanh said that "the bank is aiming to provide loans to Vietnamese enterprises investing and operating in Cambodia, overseas Vietnamese, especially those running small and medium-sized enterprises."

The government figures showed that bilateral trade between Cambodia and Vietnam is projected to rise to two billion U.S. dollars in 2009, up from 1.62 billion U.S. dollars in 2008.

Chea Chanto, governor of the National Bank of Cambodia (NBC), said at Tuesday's launch that "the investment of Sacombank in the Cambodian market is an expression of confidence by Vietnamese investors in Cambodia's banking sector."

"Cambodia is a good location for banking because it is an economy open for investment from other countries," he added.

CPP Chea Chanto: Cambodia would create favourable conditions for Hun Sen's Viet bosses to open bank branches in the Cambodia

PM welcomes Cambodian bank governor

December 19, 2008

Nhan Dan – Prime Minister Nguyen Tan Dung on December 18 received the visiting National Bank of Cambodia (NBC) delegation led by Governor Chea Chanto.

Governor Chea Chanto said that the relations between the State Bank of Vietnam (SBV) and the NBC have seen ever more progress on the basis of the two countries’ traditional friendly co-operation.

He informed PM Dung that during his visit to Vietnam, the two central banks exchanged views on the economic situation in their respective countries and on their activities in the areas of monetary policy, inspections and operation of credit organisations. Two sides signed a memorandum of understanding on the exchange of information regarding banking inspections to create a legal foundation for stricter management in order to help the two countries’ commercial banks operate in a safer and more secure manner in the context of international competition and integration.

Governor Chanto affirmed that the Cambodian authorities would create favourable conditions for the Vietnamese commercial banks to open their branches in the Cambodia.

PM Dung highly appreciated the co-operation between SBV and NBC, particularly the agreement signed during Governor Chea Chanto’s working visit.

He said that the Vietnamese Government and people would do their utmost to boost the friendly, co-operative and neighbourly relations between Vietnam and Cambodia in the interests of their people.

According to PM Dung, Cambodia’s recent granting of licences to two Vietnamese banks to open their branches in the country will help increase the two countries’ trade value to US$2 billion by 2010 and encourage Vietnamese businesses to invest in Cambodia.