Sacombank to open subsidiary in Cambodia

Saigon Thuong Tin Commercial Joint Stock Bank (HOSE:STB), or Sacombank, has got approval from the State Bank of Cambodia to open a 100-percent foreign-invested bank subsidiary there, its Chairman Dang Van Thanh announced on October 02.

Thanh said the Sacombank Cambodia, which was upgraded from Sacombank’s Phnom Penh branch, was scheduled to officially open in October 5.

Sacombank Cambodia was licensed to operate as a commercial bank within 99 years with a chartered capital of US$38 million, he said.

He added that Sacombank Cambodia would boost gold deposit mobilization and SBJ gold bullion sales in this Indochinese country.

Sacombank Cambodia has also opened three branches in the major areas in Phnom Penh and targeted to expand the network by four more branches next year.

Sacombank is one of four Vietnamese banks to open outbound official subsidiaries.

They include the Military Commercial Joint Stock Bank, the Bank for Investment and Development of Vietnam, and the Vietnam Bank for Agriculture and Rural Development.

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