Illustrative image (Source: doanhnghiepvn.vn)

Hanoi (VNA) – The Saigon-Hanoi Bank (SHB) opens a wholly-owned subsidiary in Laos on January 15.

The new bank is being upgraded from a SHB transaction office, which was opened in Laos in 2012. It will have a charter capital of 50 million USD.

SHB specialises in credit services, currency, gold trading and international payments.

After merging with the Hanoi Building Bank, or Habubank, in August 2012, SHB's equity reached about 9.5 trillion VND (433.61 million USD) at the end of September 2015.

SHB is the third Vietnamese bank to open a subsidiary in Laos, after Vietinbank and Sacombank.

Laos has so far attracted 22 billion USD in foreign direct investment from 54 countries and territories, such as Vietnam, Thailand, China and France.-VNA