Sacombank to set up subsidiary in Cambodia

The State Bank of Vietnam late last week approved the Saigon Thuong Tin Commercial Bank (Sacombank)’s proposal to set up a subsidiary bank in Cambodia.

The subsidiary bank is named Sai Gon Thuong Tin Bank Cambodia Limited (Sacombank Cambodia), headquartered in the capital city of Phnom Penh.

Sacombank Cambodia is licensed to operate for 50 years under Vietnamese and Cambodian regulations.

tuoitrenews, VNA

>   It will be impossible to eliminate black dollar market: Expert (15/03/2011)

>   Depositors unhappy about SVB’s decision to cap interest rate (15/03/2011)

>   US dollars flow into banks (14/03/2011)

>   Strict measures required to curb dollarization, experts say (14/03/2011)

>   Lenders to struggle to make profits amid SBV's rising rates (14/03/2011)

>   Businesses shun ban on payment in dollar (14/03/2011)

>   Banks face $24,000 fine for forex violations (14/03/2011)

>   Banks should sell dollars to tourists: Expert (14/03/2011)

>   Banknetvn, KFTC to boost cross-border transactions (14/03/2011)

>   Agribank branch director arrested in loan scam (14/03/2011)