VinaSiam Bank to raise charter capital to 60 million USD

VinaSiam Bank, a Vietnamese-Thai joint venture, has been granted a permit by the State Bank of Vietnam (SBV) to increase its charter capital to 1 trillion VND (60 million USD) later this year.

VinaSiam Bank was founded in 1995 by the Bank for Agriculture and Rural Development of Vietnam (Agribank) and the Charoen Pokphand (CP Group) and the Siam Commercial Bank of Thailand. The bank has an initial charter capital of 20 million USD.

In late September, VinaSiam Bank was named the best provider of prime foreign exchange services in Vietnam for 2008 by Asiamoney, one of the leading international financial magazines in the Asia-Pacific region.

SBV previously permitted the Italian bank Intesa Sanpaolo S.p.A to open a representative office in Vietnam, bringing the number of representative offices of foreign banks in the country to 54.

VNA

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