Additional Vietnam wholly-owned bank formed abroad

The Sai Gon - Hanoi Joint Stock Commercial Bank (SHB) has opened its wholly-owned subsidiary in Cambodia, with the full name of SHB Cambodia One Member Limited Liability Bank.

Photo for illustration. (Source: cafef.vn)

SHB approached the Cambodian market at the branch level four years ago, with initial investment capital of USD37 million.

By the end of 2015, operation of SHB Cambodia was stable and sustainable with rapid growth such as total assets of nearly USD240 million, up about 6.5 fold from the time of establishment; capital mobilization of some USD21 million; and customer’s outstanding balance of nearly USD205 million.

The SHB Cambodia has a charter capital of USD50 million, which is expected to be raised to USD70 million by 2018, and it will expand its network to other localities of Cambodia.

The bank is the second subsidiary of SHB in Indochina. The first one is located in Laos.

Together with SHB, business expansion overseas through establishing wholly-owned subsidiary saw the participation of other banks such as Bank for Investment and Development of Vietnam (BIDV), Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), Sai Gon Thuong Tin Joint Stock Commercial Bank (Sacombank) and Military Joint Stock Commercial Bank (MB) with the two main markets of Laos and Cambodia./.

( Hoang Minh )