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Vietnam's Agribank to open branch in Cambodia
Date: 2010/5/18 Click: 2174
Major Vietnamese lender Agribank is set to open its first branch in Cambodia next month, local media reported on Monday.
The unlisted Hanoi-based lender, which is also known as the Bank of Agriculture and Rural Development of Vietnam, is set open its first branch in Cambodia in June, according to the Phnom Penh Post.
Agribank is Vietnam's largest bank by assets and has registered capital of 21 trillion dong (1.1 billion U.S. dollars) as of March this year.
The Phnom Penh branch would build on Agribank's representative office, which has been operating in the Kingdowm for years, according to Le Bien Cuong, commercial counselor at the Vietnamese embassy.
"For businesses, it's an opportunity that will motivate them to invest in Cambodia," he was quoted as saying, and added that he does not know the amount of initial investment pledged.
Agribank would become the third Vietnamnese bank to open in Cambodia after Sacombank and Bank for Investment and Development of Cambodia (BIDC), which came to Cambodia last year.
It would bring the total number of commercial banks in Cambodia to 29.
Le Bien Cuong said that the number of Vietnamese investors coming to Cambodia in the last two years have increased.
"So far, about 200 Vietnamese companies are doing businesses in Cambodia, bringing total Vietnamese investments to nearly 1 billion U.S. dollars," he said.
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