Sacombank to open branch in Phnom Penh

The National Bank of Cambodia (NBC) has allowed the Saigon Commerical Joint Stock Bank (Sacombank) to open branch in Phnom Penh.

This is the first Vietnamese bank to be granted a licence to establish such a branch in the country.

At present, Sacombank is busy building office-space and recruiting and training staff. The branch is expected to come into operation in June, 2009.

According to the Cambodian Ministry of Trade, Vietnamese investment capital in Cambodia has increased sharply in recent years. Two-way trade turnover between the two countries is expected to reach US$2.5 billion by 2010. This is a positive sign that Cambodia will become an attractive destination for foreign investors in the future, esepcially when the country opens its securities market in 2009.

Currently, Sacombank has 9 branches and more than 20 transaction offices in border provinces, including Gia Lai, Dak Lak, Binh Phuoc, Tay Ninh, Long An, Dong Thap and An Giang.