(Bernama.com)
Updated: 2007-07-27 15:08

Vietnam-based Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) has got the nod from Vietnam's State Bank Governor to open its first overseas representative office in Nanning City in South China's Guangxi Province.

VNA in its report said, the new Sacombank office will be charged with conducting market research on Guangxi and China's economic, financial and banking markets as it looks to boost cooperation with credit organisations in the world's fastest growing economy.

Sacombank expects to reach agreements with Chinese banks on cross-border payment contracts using bills of exchange, credit letters and other payment documents as well as to provide banking products and services to customers alongside the bordering provinces.

Sacombank is considered as one of the most efficient commercial banks in Vietnam, recording rapid growth rates and being singled out as the "Best Bank-Vietnam 2007" by Euromoney.