October 4, 2011

Sacombank set to open in Cambodia

[Viet Nam News]

HCM CITY — The HCM Stock Exchange-listed Sacombank (STB) tomorrow will be the first Vietnamese bank running a fully foreign-invested bank in Cambodia.

The new Sacombank Cambodia, with headquarter in Phnom Penh, has chartered capital of US$38 million and an operation duration of 99 years, according to Dang Van Thanh, Sacombank's chairman.

Sacombank Cambodia is an upgrade of Sacombank's branch, which opened in June 2009 with an investment of $18 million.

This new corporate status will enable the bank to expand business and better serve Cambodian customers as well as Vietnamese companies doing business there.

Last year the bank posted a money transfer turnover between the two countries of $250 million compared to the total bilateral trade of $1.8 billion.

The figure was more than $270 million in the first nine months of this year, according to Sacombank Cambodia CEO Nguyen Minh Tam.

By the end of September, the bank mobilised $40 million and its outstanding loans were $58 million (apart from mobilised cash, it also used its own capital for lending).

It earned a pre-tax profit of $2 million, completing 88 per cent of this year's target.

The bank now has three branches in Phnom Penh and an additional one is planned to open in Kongpong Cham, a province bordering Viet Nam's Tay Ninh Province in 2012.

It targets gaining a growth of 20 per cent in chartered capital, 27 per cent in total asset value and 43 per cent in pre-tax profit annually until 2015. Sacombank also runs a branch in the capital of Laos, Vientiane, and plans to change its status into a full banking company next year. Three other Vietnamese banks, Agribank, Bank for Investment and Development of Viet Nam (BIDV) and Military Bank have also established branches in Cambodia.

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