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| The Sacombank branch in Laos. — Photo vnexpress.net |
HA NOI (Biz Hub) ─ Sacombank will establish a subsidiary in Laos, the VnExpress online reported.
The bank opened a branch in Laos in late 2008, and will upgrade this unit as a subsidiary bank in which it will own the entire equity.
Sacombank general director Phan Huy Khang said the current financial and human resources as well as opportunities enable the implementation of the plan.
"Laos has approved the establishment in principle," he said. "We are finalising the necessary procedures with Lao and Vietnamese authorities to implement the scheme."
The Vietnamese banks which operate in Laos are Sacombank, Vietcombank, BIDV, Vietinbank and SHB.
SHB also revealed recently that it will set up an affiliate in Laos. ─ VNS