Two more foreign banks—one French and one Vietnamese—announced plans earlier this week to open branches in Cambodia.
The two additions bring the number of foreign banks that currently operate branches in Cambodia to 13 and the total number of commercial banks to 33, according to data provided by the National Bank of Cambodia.
Vietcombank, one of Vietnam’s four largest state-owned banks, will open subsidiaries in both Cambodia and Laos this year, according to a Vietnamese English-language news website.
It will join four other Vietnamese banks currently operating in Cambodia—Sacombank, CIMB Bank, Bank for Investment and Development of Cambodia, and the Vietnam Bank for Agriculture and Rural Development.
Meanwhile, BRED Bank, a French cooperative bank that also operates in Laos, according to its website, announced an opening reception in Phnom Penh on March 2. The bank plans to add an additional 14 branches in Cambodia over the next three years.
Other French banks operating in Cambodia include Credit Mutuel Kampuchea, a branch of Credit Mutuel, France’s second-largest cooperative bank, which opened in Cambodia in 2004 and has 20 branches in the country.