State Bank of Vietnam (SBV) has signed a document approving Vietnam Bank for Investment and Development (Bidv) to open the representative office in Burma’s Yangon.
Within 18 months from signing date, Bidv would be responsible for finishing all legislative procedures, preparing equipments and human resources under Burma’s regulations to obtain the license certificate. After the deadline, the document will be expired if Bidv does not receive license for opening of the office.
Previously, Bidv also bought back PIB Prosperous Investment Bank of Cambodia and changed its name to Bank for Investment and Development of Cambodia (BIDC).
Last year, Bidv reached total assets of nearly 300 trillion dong, increasing by 20.4%, total deposits of 200 trillion dong, a year-on-year surge of 19.3%, total outstanding loans of over 180 trillion dong, soaring by 24.8%.
According to the roadmap, Bidv will be transformed into a commercial joint stock bank within 2010.
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