(VOV) - The Military Commercial Joint Stock Bank (MB Bank) inaugurated its branch in Phnom Penh, Cambodia, on December 21, following a decision by the State Bank of Vietnam (SBV) and the National Bank of Cambodia (NBC).
The inauguration ceremony was attended by the Governor of the NBC Chea Chanto, and Vietnamese Deputy Minister of Defence, Lieutenant General Le Huu Duc, along with MB officials and partners.
This is the MB’s second overseas branch after its first one in Laos. The Phnom Penh facility brings the total number of MB branches to 170.
According to MB General Director Le Cong, the bank’s services in Cambodia will focus on strategic clients, mainly companies, small and medium-sized factories and individuals operating in all fields, with priority given to trade and agriculture.
Cong said he is aware of the fierce competition between nearly 40 banks, including seven owned by foreigners in Cambodia. However, he hoped that the MB’s professional services will meet customer demand for financial sources in the country.
The MB is one the five largest commercial banks in Vietnam with total registered capital of US$480 million.