The Sai Gon Thuong Tin Bank (Sacombank) said on August 3 that it had officially opened its wholly-owned subsidiary bank headquartered in the Lao capital city of Vientiane.

The new bank, Sai Gon Thuong Tin Bank Lao Ltd. (Sacombank Lao) had previously operated as a branch of Sacombank in Laos before being approved by the Bank of Laos and the State Bank of Vietnam to transform into the current entity owning 100 percent of its capital, reported the Saigon Giai phong newspaper.

Sacombank Lao, set up under Lao regulations, has its own legal status and a charter capital of 39 million USD.

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

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

Sacombank now has 417 transaction offices operating in 48 out of 63 provinces in Vietnam.-VNA