VRB bank to open a bank in Moscow

The joint-venture Viet Nam-Russia Bank (VRB), has received approval from the State Bank of Viet Nam to establish a bank in Moscow.

The VRB will still need a licence from the Planning and Investment Ministry of Viet Nam before opening the bank in Moscow.

The charter capital of the new bank is US$8 million, and wholly provided by VRB.

The Ha Noi-based joint-venture bank (VRB), has charter capital of $62.5-million, 51 per cent owned by the Bank for Investment and Development of Viet Nam (BIDV) and 49 per cent by VTB, the second largest lender in Russia, formerly known as Vneshtorgbank.

The VRB venture began in 2006 while the then Russian President, Vladimir Putin, was in Ha Noi for the Asia Pacific Economic Co-operation summit (APEC).

Viet Nam-Russia Bank’s total assets in June this year reached $228 million at the end of June, up 25 per cent from the end of 2007.

VNN

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