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

  • Reuters: US Embassy fired 32 staff members for sharing pornography

    The United States Embassy in Phnom Penh has fired 32 non-diplomatic staff members who were allegedly caught exchanging pornographic images and video, including of minors, according to the news agency Reuters. Four sources, who spoke on condition of anonymity, told Reuters the content was shared in

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the

  • Who’s Who: Sok Muygech is pushing the boundaries of sustainable architecture

    It’s just after two in the afternoon and Sok Muygech, director of BMK Architects, is discussing the details of a new interior design project with her six employees at the company’s office in BKK1. The small office that sits above an optician’s