A Change of Guard

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Monday 28 June 2010

Vietnam's Agribank Opens First Branch In Cambodia

By Vu Trong Khanh
Dow Jones Newswires

HANOI -(Dow Jones)- State-run Vietnam Bank for Agriculture and Rural Development, or Agribank, opened Monday a branch in Phnom Penh, its first overseas branch, the bank said Monday.

Agribank, Vietnam's largest financial institution by assets, said in a statement it aims to serve Vietnamese businesses operating in Cambodia and the country's population of 14 million people.

"Trade between Vietnam and Cambodia has annually grown by an average of 30% over the recent years," said Agribank chairman Nguyen The Binh, adding that trade between the two country is expected to reach $2 billion this year.

Agribank currently has total assets of $24.7 billion and has 2,300 branches and transaction offices throughout Vietnam.

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