Logo of Phnom Penh Post newspaper Phnom Penh Post - Vietnamese bank invests in Cambodia

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]

MOST VIEWED

  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • Bosba: The first Khmer woman composer from UK’s Cambridge

    Bosba Panh is just 25 years old, but she’s already accomplished some impressive milestones for herself and the Kingdom. On July 24, she graduated with a Master’s degree from the University of Cambridge as the first Khmer woman composer and Khmer music graduate ever at

  • ‘Golden’ Angkor Wat likely due to natural phenomenon: ANA

    Pictures and video clips of the Angkor Wat temple, its spires seemingly coated in gold, have been shared tens of thousands of times on social media, prompting a sense of wonder among those who have seen them. Hong Sam Ath, who took the pictures and

  • Pailin longan winery tries to break through to the big time

    Longan aren’t quite as glamorous as some fruits. They don’t have the star-power of mangos or generate the excitement of a pricey seasonal niche fruit like the pungent durian. Unlike bananas or oranges, which are known and loved everywhere, longan remains a decidedly

  • Debt restructuring over, time to tackle rising NPL ratio

    The Cambodian banking system has just completed a 26-month debt restructuring exercise where scores of loan accounts were revised, classified and provisioned as the rate of non-performing loans inched up, sparking a slight credit risk unease Implemented in April 2020, the Covid-19 debt restructuring measures came

  • Koh Slaket studio resort brings culture with style

    Davitra (Cambodia) Co Ltd’s multi-million-dollar 13ha Koh Slaket studio-cum-resort just east of the capital was inaugurated in the first phase on August 6, providing national and international tourists with a new travel option and job opportunities for locals. The man-made cultural and scenic lakefront getaway