BANK for Investment and Development of Vietnam (BIDV) officially signed a deal to purchase Prosperity Investment Bank (PIB) on Sunday witnessed by Prime Minister Hun Sen and Vietnam's Deputy Prime Minister Truong Vinh Trong.

PIB will be renamed the Bank for Investment and Development of Cambodia (BIDC), BIDV said, under the newly formed Investment and Development Company of Cambodia, which will also run Cambodia-Vietnam Insurance Company with initial capital of US$100 million.

National Bank of Cambodia Director General Tal Nay Im told the Post Sunday that BIDV would "invest $50 million in capital ... for business operations", adding that she did not know the purchase price of PIB.