SBV approves BIDV plan to open Yangon branch

The BIDV Yangon branch will be located at the Hoang Anh Gia Lai – Myanmar Centre in Yangon city, Myanmar. - Photo cafef.vn

The BIDV Yangon branch will have a charter capital of US$85 million.

BIDV received the approval of the Central Bank of Myanmar to open its office in Myanmar in March.

BIDV will be the first Vietnamese bank to open a branch in that country.

Earlier this year, the bank was allowed by the SBV to open a representative office in Moscow, Russia.

The bank reported a pre-tax profit of more than VND7 trillion (US$313.5 million) and total assets worth VND857 trillion in 2015.