Bank service unit opens at Lao Bao

Bank service unit opens at Lao Bao

Phongsavanh Bank Limited opened a full service unit in Lao Bao, Xepon district, Savannakhet province on Wednesday, upgrading it from a simple currency exchange unit.

“Since 2008, the bank had only a basic currency exchange unit in Lao Bao. However we had to expand it to a service unit due to the increasing demand for banking services in the area,” the bank's Deputy Managing Director, Mr Chanpheng Luangsuvannavong, said yesterday.

The unit will provide deposit account services, loans, money transfers, currency exchange, an ATM and other financial services.

Lao Bao is part of Xepon district, which shares a border with Vietnam.

The border area, Dan Savanh-Lao Bao, has seen an increasing demand for banking and financial services from the general public, farmers, traders and travellers. There is particularly high demand among business people involved in import and export and also for currency exchange services.

Last October, the total annual cross-border turnover in the Dan Savanh-Lao Bao area reached more than US$4 million, according to a report from the Agribank of Vietnam.

Phongsavanh Bank Limited will work together with Agribank of Vietnam to offer financial services for Vietnamese companies doing business in Laos. They will also provide money transfers for Lao students and people living in Vietnam.

Phongsavanh Bank Limited was established in February 2007 by the Phongsavanh Group with a licence from the Bank of the Lao PDR.

Mr Chanpheng said at the Lao Bao service unit opening ceremony “After five years, the bank has increased its total assets from 124 billion kip to the current worth of 1,374 billion kip.”

Currently the bank has seven branches and service centres and 12 transaction offices. Four more branches and service units will open this year. It also has nine branches in other countries and representative offices in Hanoi and Bangkok.

vientiane times