BIDV enhances banking activities in Laos

BIDV is asking for the Laos government’s permission to raise its chartered capital in Lao-Viet Bank from $35 million to $70 million.

BIDV also wants the nod for Lao-Viet Bank (LVB) to open a branch in Luong Prabang by August, 2012.

Previously in January, 2012, the State Bank also approved the establishment of BIDV in LVB on the basis of increasing the percentage of ownership of BIDV in LVB from 50 per cent to 65 per cent of LVB’s charter capital.

BIDV is allowed to contribute additional capital when LVB raises its chartered capital by $16.875 million to $37.5 million.

Lao-Viet Bank was established by BIDV and Banque pour le Commerce Exterieur Lao (BCEL) in June, 1999 with the chartered capital of $10 million.

BIDV is one of the leading banks in Laos and Cambodia. BIDV last month also revealed the intention to boost its presence in Myanmar as soon as the nation’s banking sector opens up by opening its wholly-owned subsidiary or setting up a joint venture bank in Myanmar.

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