The Prime Minister has approved the State Bank of Vietnam (SBV)’s proposal to let SCB establish its Vietnam branch on the acquisition of VinaSiam Bank (VSB).

VinaSiam Bank is the joint-venture between three partners, namely Vietnam Bank for Agriculture and Rural Development (Agribank) (34%), and Thailand’s Siam Commercial Bank (SCB) (33%) and Charoen Pokphand Group Co. (33%).

It was granted license on April 20, 1995 by the SBV.

SCB is the first and biggest commercial bank of Thailand, informally established in 1904 as Book Club. Nowadays it is a universal banking group in Thailand.

Apart from its branches in Laos, Singapore and Hong Kong, SCB is present in Cambodia through Cambodia Commercial Bank and in Vietnam through VSB.

VOV