Fully foreign-owned bank joins its two branches in Vietnam's neighbor.
The Bank of Laos has approved Sacombank opening a fully foreign-owned bank in the country.
Called Sai Gon Thuong Tin Bank Laos Ltd. (Sacombank Laos), it will be headquartered in the capital Vientiane.
Total charter capital will be $39 million.
In March the State Bank of Vietnam approved Sacombank making a move into Laos.
Sacombank now has 417 branches or transaction points in 48 of Vietnam’s 63 provinces, one fully-owned bank and seven branches in Cambodia, and one fully foreign-owned bank and two branches in Laos.
It was the first Vietnamese bank to open an overseas branch, in Laos in 2008.
Other Vietnamese banks now in Laos include Vietcombank, BIDV, Vietinbank, and Saigon Hanoi Bank (SHB).