VIETNAM, July 20 –
HÀ NỘI — The State Bank of Việt Nam (SBV) has issued a written document authorizing the Military Commercial Joint Stock Bank (MB) to establish a wholly-owned bank in Cambodia on the grounds of its branch in Phnom Penh.
Accordingly, MB Cambodia Bank, Public Limited Company (MBCambodia) has its registered office at No. 146, Preah Norodom Avenue, Tonle Basak ward, Chamkar Mon district, Phnom Penh.
The MB is required to carry out the procedures for opening the bank in accordance with the regulations of the host country and to submit a report to the SBV within 14 working days before the start of its operation.
Earlier in 2021, the MB announced its intention to transform its branch in Cambodia into a 100% commercial bank. He also intended to transfer 36-39% of the subsidiary’s share capital to a foreign strategic partner to implement a new business strategy focused on developing the Micro Finance segment on a digital banking platform.
The establishment of the bank is expected to increase capital raising, expand business activities in the Cambodian market and improve MB’s equity capital efficiency. It will also serve as the basis for the bank to strongly develop other financial services such as insurance and securities in the country.
Regarding its business results in the first six months of this year, MB CEO Col. Lưu Trung Thái said the group’s revenue was around VNĐ29.9 trillion (1.2 billion dollars) with a profit of 11.9 trillion VNĐ. The bad debt ratio was 0.94%. —VNS