Korean financial group expands leasing business in Laos
Korean financial group expands leasing business in Laos
The DGB Financial Group from the Republic of Korea has expanded its financial business into Laos after finding success in their home country.
A grand opening ceremony of DGB Lao Leasing Co., Ltd. took place last week in Vientiane, in a ceremony attended by the Deputy Governor of the Bank of the Lao PDR, Mr Sonexay Sitphaxay, Chairman and Chief Executive Officer of DGB Financial Group, Mr Park In-Gyu, guests and staff.
Speaking in his remarks, Mr Sonexay Sitphaxay highlighted the significant growth of financial institutions in Laos in recent years, which are serving to enable people and business units to access sources of finding.
The Lao government has issued guidance to promote the business sector in various aspects, in particularly the leasing sector.
At present, there are 166 financial institutions registered with the Bank of the Lao PDR which include 29 leasing companies.
DGB Financial Group has more than 50 years of experience in the finance sector in the Republic of Korea, so the company believes in can bring its experience to the leasing business here in Laos, allowing consumers on low and medium incomes to gain access to financial services correctly and fairly according to regulations, he said.
The Bank of the Lao PDR has promoted the leasing business in Laos by paying attention to increase its cooperation with various sectors both domestically and internationally, especially its technical cooperation with international partners and the improvement of regulations so that they will be able to compete with regional and international financiers, said Mr Sonexay.
DGB Financial Group invests in various financial businesses so we hope that besides the leasing business the company will be able to expand its business into various financial areas in Laos, he added.
Laos has experienced the rapid growth of its economy among Asean member countries and the financial demands of the people are increasing in line with socio-economic development.
DGB Financial Group will use its experience in financial business operations to support those peo ple's financial needs at the right time, with affordable conditions, and in the most convenient way.
We promised to operate our leasing business correctly and fairly according to the regulations and improve our business to compete with other leasing companies in the country, said Mr Park In-Gyu.
DGB Financial Group, founded on May 17 in 2011, has been accumulating and integrating the competencies of its subsidiaries - Daegu Bank, DGB Life, DGB Capital, DGB U pay, DGB Credit Information, and the DGB Data system.
In 2012, the group also took a first step towards serving as a global best regional financial group with the opening of its first Daegu Bank overseas branch in Sanghai, China, a first among Korean regional banks.
