Based on the guidance and the support of Vietnamese and Cambodian governments, Bank for Investment and Development of Vietnam (BIDV) and Phuong Nam company (both are Vietnamese) has co-founded the Cambodian Investment and Development Co Ltd (IDCC) for the execution of financial, banking and insurance operations in Cambodia, and the first project is to acquire the Prosperity Investment Bank Plc (a commercial bank established in Cambodia by individual shareholders in 2007), then restructure and rename it to Bank for Investment and Development of Cambodia Plc (BIDC) which is approved by the National Bank of Cambodia (NBC) in the Decision No B1.09.554 dated July 15, 2009.
Bank for Investment and Development of Cambodia (BIDC) has officially executed its operations from September 01, 2009 after the approval No B7.09.148 dated August 14, 2009 of Nation Bank of Cambodia on renaming, increasing registered capital and changing principle executive members of the Bank. By founding from acquiring and restructuring, BIDC is a banking institution with 100% capital owned by Vietnamese government which is founded and allowed to execute operations in Cambodia market to carry out assigned tasks from the governments of two countries. The Bank is expected to become a connection line between the financial - banking markets of two countries
According to its memorandum and articles, BIDC is a financial institution which is founded and operated pursuant to Cambodian laws and regulations of NBC. The professional operations of BIDC are directly supported by BIDV which is an experienced bank with more than 50 years in Vietnamese financial market. The support of BIDV for BIDC is realized in many domains, especially in technology system, professional process and advanced banking products and services with high quality.