Laos-Vietnam Bank to double chartered capital

Laos-Vietnam Bank will double its chartered capital to 70 million USD in June 2012 from the current 37.5 million USD from June 2012.

The capital increase was agreed to by the Bank for Investment and Development of Vietnam and the Banque pour le Commerce Exterieur Lao at a meeting in Quy Nhon city. LVB was a 50-50 joint venture between BIDV and BCEL.

With the capital increase, LVB will become the second-largest bank in Laos in terms of chartered capital, after BCEL. The additional capital will be used to expand LVB business activities in the Lao market.

As a sponsor in Vietnam ’s investment projects in Laos, the capital increase will help LVB better meet the capital demands of Vietnamese investors.

By the end of March 2012, Vietnam had 213 projects in Laos with a total investment of 3.46 billion USD, ranking second among investors in the country.

For more.