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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.
Source: Thanh Nien
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