Customers use Military Bank services. The bank will open a representative office in Russia. — Photo kinhdoanhnet.vn

HA NOI (Biz Hub) — Military Bank (MB) has received the approval of the central bank to establish a representative office in Moscow, Russia.

MB General Director Le Cong said in a notice posted online on October 2 that the office was expected to be located at Leningratsky Prospekt House 37/7. The State Bank of Viet Nam has given MB two years to open the office.

In Viet Nam, MB has also been permitted to set up 10 new branches in Ha Noi, HCM City, Lang Son and Yen Bai, as well as Tuyen Quang, Quang Binh, Binh Duong and Ba Ria-Vung Tau provinces.

The bank has increased its charter capital to touch VND16 trillion (US$711.11 million), after gaining VND4.28 trillion ($190.22 million) from an additional issuance of 390.6 million shares in September.

According to the bank's financial report, its pre-tax profit reached nearly VND1.83 trillion ($81.33 million) in the first half of this year, meeting 56 per cent of its annual target. — VNS