Vietcombank to establish subsidiary in Laos

Tuesday, 2017-07-18 04:16:32
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NDO - The Commercial Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank) will set up a 100% owned subsidiary bank in Laos, following approval from the State Bank of Vietnam (SBV).

The headquarters of the subsidiary bank, named Vietcombank Laos Limited, will be in the Laos capital of Vientiane.

The bank will begin operations with an initial chartered capital of US$80 million and will be eligible to conduct banking services in accordance with Vietnamese and Lao laws.

The SBV asked Vietcombank to start the operation of Vietcombank Laos within the next 24 months.

The SBV has also approved Vietcombank's proposal to establish a Vietcombank representative office in New York, the US.

Before Vietcombank, several Vietnamese banks opened subsidiaries and branches in Laos including VietinBank, BIDV, Agribank, Sacombank and SHB.

Vietcombank plans to establish an additional six branches and 39 transaction offices across Vietnam, in addition to a cash processing centre, within this year.