(VNF)- The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has recently converted its subsidiary in Laos into Sacombank Laos, a wholly-owned subsidiary bank.

The bank representative announced on Monday that it has officially opened its wholly-owned subsidiary bank based in the Lao capital city of Vientiane.

The new bank, Sacombank Laos, had previously operated as a branch of Sacombank in Vietnam’s neighbor before being approved by the Bank of Laos and the State Bank of Vietnam to be transformed into the current entity owning 100 percent of its capital.

Located in Chanthabury District, the bank will operate as a commercial bank and has a charter capital of USD39 million.

A Sacombank office. Photo: Vietnamnews.

Sacombank is among Vietnam's first banks to do business in Laos. Apart from the new bank, it is running two branches in the country.

It also runs a wholly-owned subsidiary bank and seven branches in Cambodia.

Sacombank currently has 417 transaction offices in 48 out of 63 provinces throughout Vietnam./.

by VNF