Sacombank to open subsidiary in Laos

March 04, 2015 | 11:00

(0) user say

The State Bank of Vietnam (SBV) Governor has authorised Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) to convert its branch in Laos into a separate, 100 per cent owned bank named Lao-Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank Lao).

sacombank to open subsidiary in laos

Sacombank Lao has the total chartered capital of $39 million. The SBV requested the bank to start operations within 24 months, otherwise the SBV authorisation will expire.

In December 2008, Sacombank opened a branch in Vientiane, becoming the first Vietnamese Joint Stock Bank in Laos. As of the end of November 2012, the value of the branch’s total assets reached $95 million with total deposits of $80 million and loans of $59 million. By then it had served 2,400 Lao customers and firms.

In January, the SBV provided permission to Vietnam Joint Stock Commercial Bank for Industry and Trade to convert its branch in Laos into a 100 per cent owned subsidiary named Vietnam Trading Joint Stock Bank in Laos, in a smiliar manner to Sacombank Lao. This branch now presides over the total chartered capital of $50 million.

Saigon Hanoi Commercial Bank also has plans to open a subsidiary bank in Laos.

By By Kim Oanh

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional