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Siam Commercial Bank to take over Vietnam bank

Thailand’s Siam Commercial Bank (SCB) is planning to take over Vietnam’s Vinasiam Bank. SCB will then set up a wholly owned branch in the country. Vinasiam Bank is a joint venture between SCB, the Vietnam Bank for Agriculture and Rural Development and Thai corporate Charoen Pokphand Group. While Agribank owns 34% stake in Vinasiam, the other two stakeholders own 33% shares each. Vinasiam Bank that was granted a licence in 1995 has been running in loss over the past three years. SCB will be the latest in a series of Thai financial institutions to show interest in Vietnam. The country is attracting new players owing to its stable economic growth and increasing commercial integration. Recently, Kasikorn Bank became the first Thai bank to open its offices in the country.

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