The State Bank of Vietnam late last week approved the Saigon Thuong Tin Commercial Bank (Sacombank)’s proposal to set up a subsidiary bank in Cambodia.

The subsidiary bank is named Sai Gon Thuong Tin Bank Cambodia Limited (Sacombank Cambodia), headquartered in the capital city of Phnom Penh.

Sacombank Cambodia is licensed to operate for 50 years under Vietnamese and Cambodian regulations./.