January 16, 2017 | 20:57 (GMT+7)
Vietnamese bank marks one-year anniversary in Laos
Saigon – Hanoi Commercial Joint Stock Bank (SHB) celebrated a year since the foundation of its subsidiary in Vientiane, Laos, with over 100 customers, including Vietnamese and Lao partners.
Speaking at the celebration on January 14, Director General of SHB Laos Vu Anh Tuan said with the approval of the State Bank of Vietnam and the Central Bank of Laos, the SHB opened a wholly-owned subsidiary in Laos on January 15, 2016.
The new bank was upgraded from a SHB transaction office, which started operation in 2012 with initial investment of more than 14 million USD.
As of December 31 last year, total assets of SHB Laos stood at over 150 million USD. Total deposits and outstanding loan balance reached about 30 million USD and 58 million USD respectively.
SHB Laos serves more than 1,500 individual customers and businesses.
Established in 1993, SHB is among the five largest private commercial banks in Vietnam.
As of September 2016, its total assets reached more than 215 trillion VND (10.3 billion USD), including nearly 13 trillion VND (619 million USD) of equity capital.
The bank has about 500 transaction sites in Vietnam, Laos and Cambodia.
In 2016, SHB won several domestic and international honours such as being named one of the top 10 most prestigious banks in Vietnam, the best financing-project bank in Vietnam, and the best small-and medium-sized enterprise bank in Vietnam.
It was also honoured as the most outstanding foreign bank in Cambodia as well as the best deposit product and best brand initiative in Vietnam, and the best internet banking provider in Vietnam.