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Vietcombank Proposes Plan For New Lao Subsidiary

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Hanoi – Vietcombank plans to set up a 100 per cent owned subsidiary bank in Laos.

The Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank) has proposed to its shareholders the establishment of a Lao subsidiary.

The subsidiary would be named Việt Nam Foreign Trade Bank Limited in Laos, headquartered in the Lao capital of Vientiane with an initial chartered capital of US$80 million.

Vietcombank’s leader board said that the establishment of the new subsidiary would meet the bank’s expansion policies toward emerging markets.

If the proposal is approved, Vietcombank would increase its total foreign subsidiaries to three. At the end of June, Vietcombank had two overseas sub-units, including the finance company Vinafico Hong Kong located in Hong Kong and Vietcombank Money Inc located in the US.

Source: Vietnam News