BIDV, Russian Bank to Establish Joint Venture

The Bank for Investment and Development of Viet Nam (BIDV) and the Russian Bank for Foreign Trade will set up a joint venture bank in which BIDV will hold a 51 percent stake.

A contract to this effect was signed in Moscow, Russia, on Aug. 31 in the presence of Deputy Director of the Vietnamese Government Office Nguyen Quoc Huy and Deputy Governor of the Central Bank of the Russian Federation Viktor Nikolaevich Melnikov.

The new bank will open branches in Viet Nam and a number of countries which have economic relationship with both Viet Nam and Russia. The bank is expected to provide a fast and convenient payment channel for Vietnamese and Russian businesses.

Source: VNA

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