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Vietcombank proposes new subsidiary in Laos

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Vietcombank proposes new subsidiary in Laos

Joint StockCommercial Bank for Foreign Trade of Vietnam, or Vietcombank, isplanning the establishment of a subsidiary in Laos, Viet Nam News reported Oct. 7, citing a company proposal.

The subsidiary will be named Viet Nam Foreign Trade BankLtd. and will be headquartered in the Lao capital of Vientiane.

The proposed subsidiary will have an initial charter capitalof US$80 million.

The approval of the proposal will increase the bank's overseassubsidiaries to three.