HANOI -(Dow Jones)- The State Bank of Vietnam said Tuesday it gave approval to the Bank for Investment & Development of Vietnam, or BIDV, to open a representative office in Cambodia.
The office, to be located in Phnom Penh, will be open for a four-year term, the central bank said.
State media said earlier this month BIDV plans to invest $50 million in Cambodia.
BIDV is in talks to buy a bank in the country, reported Vietnam News Agency, adding that the purchase will likely be completed this month.
It said BIDV also plans to invest in real estate and other businesses in Cambodia.