Logo of Phnom Penh Post newspaper Phnom Penh Post - BIDV bank signs deal to buy PIB

BIDV bank signs deal to buy PIB

BIDV bank signs deal to buy PIB

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.

MOST VIEWED

  • ‘Kingdom lacks up to 400MW in available electricity’

    Prime Minister Hun Sen has called on the general public, hoteliers and businesspeople with generators to use them as back-up as the Electricity Authority of Cambodia cannot generate enough electricity to meet needs due to low water levels in power station reservoirs. On Saturday evening

  • Sor Chandeth defends his criticism of Hun Sen

    Former senator Sor Chandeth has defended his choice of words when criticising Hun Sen, saying he was merely speaking metaphorically to attack the Prime Minister’s political life, not his actual person, as the latter seeks damages. [img] Chandeth spoke to The Post on Thursday,

  • South Korea’s Moon arrives in Kingdom for state visit

    South Korean president Moon Jae-in and his wife arrived in Phnom Penh on Thursday at the start of a three-day state visit to Cambodia to strengthen ties and further the friendship between the two countries. After arriving at the Phnom Penh International Airport in the

  • Youths band together to clean ‘filthy’ Boeung Trabek canal

    Inspired by their affection for the environment, a desire to have a clean and beautiful city, and wanting to send a message to people to stop littering, a group of some two dozen volunteer youths have taken to picking up trash day and night from