The Laos-Vietnam Joint Venture Bank (LVB) will see its chartered capital raised to 70 million USD from the current 37.5 million USD from June 2012.
The capital increase was agreed to by the Bank for Investment and Development of Vietnam (BIDV) and the Banque pour le Commerce Exterieur Lao (BCEL) at a meeting held in Quy Nhon city, in the central province of Binh Dinh, on May 29.
Set up in 1999, LVB was a 50-50 joint venture between BIDV and BCEL, with an initial chartered capital of 10 million USD.
The bank’s chartered capital was raised to 15 million USD in 2005 and 37.7 million USD in February 2012.
Also in February this year, LVB officially became an overseas subsidiary of BIDV with the Vietnamese bank owning 65 percent of LVB capital.
With the latest capital increase, LVB will become the second-largest bank in Laos in terms of chartered capital, after BCEL. The additional capital will be used to expand LVB business activities in the Lao market.
As a leading bank in sponsoring Vietnam ’s investment projects in Laos , the capital increase will help LVB better meet the capital demands of Vietnamese investors, strengthening economic relations between the two countries.
By the end of March 2012, Vietnam had 213 projects in Laos with a total investment of 3.46 billion USD, ranking second among investors in the country.-VNA
The capital increase was agreed to by the Bank for Investment and Development of Vietnam (BIDV) and the Banque pour le Commerce Exterieur Lao (BCEL) at a meeting held in Quy Nhon city, in the central province of Binh Dinh, on May 29.
Set up in 1999, LVB was a 50-50 joint venture between BIDV and BCEL, with an initial chartered capital of 10 million USD.
The bank’s chartered capital was raised to 15 million USD in 2005 and 37.7 million USD in February 2012.
Also in February this year, LVB officially became an overseas subsidiary of BIDV with the Vietnamese bank owning 65 percent of LVB capital.
With the latest capital increase, LVB will become the second-largest bank in Laos in terms of chartered capital, after BCEL. The additional capital will be used to expand LVB business activities in the Lao market.
As a leading bank in sponsoring Vietnam ’s investment projects in Laos , the capital increase will help LVB better meet the capital demands of Vietnamese investors, strengthening economic relations between the two countries.
By the end of March 2012, Vietnam had 213 projects in Laos with a total investment of 3.46 billion USD, ranking second among investors in the country.-VNA
