Siam to operate in Vietnam

Siam to operate in Vietnam

BANGKOK (Reuter): Siam Commercial Bank Plc plans banking joint ventures in Vietnam and Nepal with local partners, the bank told the Stock Exchange of Thailand.

A bank called Vina Siam Bank to be set up in Hanoi, Vietnam, has US$15 million registered capital, of which SCB and unlisted Thai agribusiness conglomerate hold an equal 33 percent stake.

The remaining 34 percent will be held by Vietnam Bank for Agriculture. SCB's investment is $4.95 million.

SCB said it received permission from the Bank of Thailand but is awaiting the approval from the Vietnamese government.

"After the approval, the bank will ask to open up another three or four branches in other provinces, including Ho Chi Minh City," a bank official told Reuters.

In Nepal, SCB has received approval from the Bank of Thailand and the Nepalese government to establish a bank called the Bank of Kathmandu Ltd.