Bank enhances operations in nation
Bank enhances operations in nation
Krungsri (Bank of Ayudhya Public Company Limited) has announced enhancements to support increasing business activities and greater expansion opportunities created by robust growth in the Lao economy.
The press conference for Krungsri Enhances Laos Operation took place yesterday in Vientiane, and was attended by Deputy Governor of the Bank of the Lao PDR Ms Vattana Dalaloy, Japan Ambassador to Laos Mr Hiroyuki Kishino, Krungsri’s Head of Corporate Banking Group, Mr Pornsanong Tuchinda, and members of the press.
Krungsri Bank has been operating in Laos since 1994, when it opened its first branch in Vientiane.
The second branch opened in Savannakhet province in 2009.
“This year marks our 20th anniversary of operations in the Lao PDR,” Mr Pornsanong said.
As a group, Krungsri Group also reached another key milestone in its history in December last year, when it became a subsidiary of the Bank of Tokyo-Mitsubishi UFJ, the wholly-owned subsidiary of Mitsubishi UFJ Financial Group (MUFG).
MUFG is Japan’s largest financial group and one of the world’s largest and most diversified financial groups.
Mitsubishi UFJ Financial Group has 1,100 offices in over 40 countries, while Krungsri Bank boasts 612 branches and over 21,700 service outlets in Thailand.
Being part of MUFG offers a unique position for Krungsri to enhance scale and diversity to serve clients, Mr Pornsanong said.
“Krungsri brand is centred on simplicity “Make Life Simple”.”
“It is our long term commitment to making the right investment in our business to continuously streamline banking experience to our customer’s benefit.”
Mr Pornsanong said to support greater expansion opportunities created by healthy expansion of the Lao economy, the bank had invested in a new banking platform to support increasing business activities while reflecting upon the “Make Life Simple” value proposition.
“We have given our Vientiane office a facelift, introducing new products such as a payroll system, bill payment with barcode and cashless health insurance policies.”
He said Krungsri had recently launched its cards and installed ATM machines, which makes us the first and the only Thai bank to offer an ATM service in Laos so far.
The bank has also partnered with Banque Pour Le Commerce Exterieur Lao (BCEL), and successfully linked our Thailand ATM network to BCEL Bank.
This offers BCEL cardholders the opportunity to withdraw money from Krungsri ATMs when travelling to Thailand and vice versa.
Recently the subsidiary Krungsri Leasing Service received approval from the Bank of the Lao PDR to provide auto loans and a sales-finance service.
“This is another key milestone for us to expand into Laos’ consumer segment,” Mr Pornsanong added.
At the ceremony, Krungsri provided funds for scholarships amounting to 100 million kip in total, granting 25 million kip per year to sponsor promising local students to develop their skills in finance and banking.
