Saigon Thuong Tin Joint Stock Commercial Bank

Phnom Penh (VNA) – The Saigon Thuong Tin Joint Stock Commercial Bank
(Sacombank) officially opened a branch in Phnom Penh on June 23, becoming the 27
th foreign bank to operate in Cambodia .

Chairman of Sacombank’s Management Board Dang Van Thanh affirmed that the bank and
the Sacombank Group will provide convenient services and smart financial solutions
for customers in Cambodia .

He also pledged that his bank will work to contribute to promoting healthy, dynamic
development in the financial-monetary market in Cambodia .

Through its newest branch, Sacombank will offer 23 financial-banking services for
individuals and businesses in the host country.

It has also targeted Vietnamese businesses in Cambodia , overseas Vietnamese, and
Vietnamese people working for local and international organisations there.

As per its development plan, Sacombank will open two transaction offices in Phnom
Penh by 2010.

Apart from its 45 branches scattered throughout Vietnam , Sacombank has opened
branches in China , Laos and Cambodia to help implement Vietnam ’s
cooperation agreements with those countries effectively.

Earlier on June 22, Sacombank Chairman Thanh was received by Cambodian Prime
Minister Hun Sen and National Assembly Chairman Heng Samrin, and talked about
prospects for cooperation on banking and finance to serve the development of their
national economies.

Cambodia is viewed as an important consumption market for goods produced by
regional countries. It is also a crucial transit corridor for exports and imports
among regional countries.

Two-way trade between Cambodia and Vietnam fetched 1.7 billion USD in 2008 and
could reach 2 billion USD this year.-Enditem