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Vietnamese bank invests in Cambodia

Vietnamese bank invests in Cambodia

121002_09b
Police officers stand outside a Sacombank branch in Phnom Penh. Photograph: Post Staff/Phnom Penh Post

Vietnamese Bank Sacombak (Cambodia) Plc, a wholly-owned subsidiary of Sacombank in Vietnam, will extend its operation in the Cambodian financial market, according to a bank official.

Nguyen Nhi Thanh, CEO and President of Sacombank in Cambodia, said during the first anniversary celebration after the bank’s transformation into a 100 per cent foreign-owned bank yesterday that the bank would open more branches in Phnom Penh at the end of this year and in other provinces in the following years.

Now the bank employs 135 staff members at five offices including the headquaters and a branch in Kampong Cham.

“In the coming years, Sacombank Cambodia will extend operational branches in Phnom Penh and other growing provinces for investment and equip them with additional tools to modernise them,” he said.

According to a press release, as of September 2012, the total raised equity capital has reached US$42 million, while the current total assets increased to more than $99 million.

To contact the reporter on this story: Rann Reuy at [email protected]

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