SBV permits Thai bank to open VN branch

The State Bank of Viet Nam (SBV) governor has approved Thailand's Siam Commercial Bank Pcl's (SCB) plan to open a branch in Ho Chi Minh City.

The SCB branch will operate with a capital of US$25 million for a period of 99 years, and will carry out activities as prescribed by SBV, such as receiving deposits and giving credit, as well as offering domestic payment services.

The investment arm of the Thai royal family's Crown Property Bureau owns 21.3 per cent of SCB, Thailand's third largest lender.

After opening its new branch in Viet Nam, SCB will have 11 foreign branches and representative offices in eight countries.

The Thai lender has been operating in Viet Nam for more than 20 years via Vinasiam Bank, in which it holds a 33 per cent stake.

SCB is not the only Thai bank that has shown interest in Viet Nam. In March, Kasikorn Bank became the first Thai bank to open two representative offices in the country.

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