Sacombank to open branch in Laos

The State Bank of Laos has awarded Saigon Thuong Tin Bank, known as Sacombank, a license to open a branch in the Lao capital of Vientiane, an official from the bank said Wednesday.

The official said Laos was a potential market due to its geographic position linking Vietnam to Thailand, Myanmar, Cambodia and China.

The Lao government is seeking foreign commercial banks to set up operations ahead of the creation of the country’s stock market, scheduled to begin trading in 2010, he said.

The branch will open its doors by the end of the year.

Thanhnien

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