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SBV approves BIDV plan to open Yangon branch

Apr 4th at 20:19
04-04-2016 20:19:19+07:00

SBV approves BIDV plan to open Yangon branch

The State Bank of Viet Nam (SBV) on March 31 approved the Bank for Investment and Development (BIDV) of Viet Nam's plan to open a branch in Yangon city, Myanmar.

 

The BIDV Yangon branch will have a charter capital of US$85 million.

BIDV received the approval of the Central Bank of Myanmar to open its office in Myanmar in March.

BIDV will be the first Vietnamese bank to open a branch in that country.

Earlier this year, the bank was allowed by the SBV to open a representative office in Moscow, Russia.

The bank reported a pre-tax profit of more than VND7 trillion (US$313.5 million) and total assets worth VND857 trillion in 2015.

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