2010-10-26 15:11

BEIJING - Bank of Communications (BoCom), China's fifth-largest lender by assets, said Tuesday it has won Vietnamese approval to open a branch in Vietnam's Ho Chi Minh city.

According to the bank, the State Bank of Vietnam has given approval for BoCom to open a branch in the city with a registered capital of $30 million for a period of 99 years.

BoCom will complete necessary procedures and open the branch within 12 months.

Shanghai-based BoCom already has seven branches and three representative offices overseas.