Sacombank sets up wholly-owned subsidiary in Laos

11:43 | 06/08/2015 Economy

The Sai Gon Thuong Tin Bank (Sacombank) has opened a wholly-owned subsidiary in Laos.

Sacombank sets up wholly-owned subsidiary in Laos

Sacombank Laos is headquartered in Vientiane. — Photo

Headquartered in Vientiane, Sacombank Laos has a charter capital of US$39 million.

Sacombank Laos will take over the bank's existing branch in Laos opened in late 2008.

Lao regulations only allow foreign banks to establish a wholly-owned subsidiary at least a year after opening a branch.

Sacombank was among the first Vietnamese banks to go to Laos, and it was followed by Vietcombank, BIDV, Vietinbank, and Sai Gon Ha Noi Bank or SHB.

In January the central bank had allowed Vietinbank to set up a wholly-owned subsidiary in Laos by upgrading its branch./.

Source: VNS