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Sacombank opens Phnom Penh branch
Ho Chi Minh City-based Sacombank inaugurated its first branch in Phnom Penh on Tuesday, taking another step towards expanding its network in neighboring Cambodia.
The Phnom Penh branch office is located at 60 Norodom Avenue, Daun Penh District.
At the opening ceremony, Sacombank chairman Dang Van Thanh said “We are confident of the Cambodian economy… The financial services shall boost the growth of the Cambodian banking and finance sector.”
“In the long run, we expect our Phnom Penh branch to be a full-licensed commercial bank with many branches under the legal provisions of the National Bank of Cambodia.”
Chea Chanto, Governor of the National Bank of Cambodia (NBC), said at Tuesday’s launch that “the investment of Sacombank in the Cambodian market is an expression of confidence by Vietnamese investors in Cambodia's banking sector.”
Sacombank says its Phnom Penh branch’s target customers are cross-border enterprises and individuals who are doing business in Vietnam, Cambodia and Laos.
The lender, a leading commercial bank in Vietnam, says it plans to open two transaction offices in Phnom Penh between now and next year, and branches in other provinces in 2010-2011.
The bank currently operates a branch in Laos and a representative office in China.
On Monday, Cambodian Prime Minister Hun Sen and National Assembly Chairman Heng Samrin received Sacombank chairman Thanh, discussing economic collaboration and trade, especially in the banking and finance sector, between the two neighboring countries.
Official figures showed that this year’s bilateral trade between the two countries is forecast to rise to US$2 billion, up from almost US$1.7 billion last year.
Tuong Thuy
sggp
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