Phongsavanh bank's business grows rapidly
Phongsavanh bank's business grows rapidly
Phongsavanh Bank Limited reported that in the five years since the bank's inception, its assets, deposits and loans have all increased sharply.
“The bank has increased its assets from about 177.6 billion kip (US$22.2 million) in 2007 to 1.4 trillion kip (US$178 million) last year,” Managing Director Ms Sengdao Bouphakonekham said.
“It had risen to about 1.6 trillion kip (US$195.3 million) in June this year,” Ms Sengdao said at the bank's business operational revision meeting on Saturday in Vientiane.
The bank had deposit accounts worth around 57.6 billion kip (US$7.2 million) in 2007. By last year, that figure had risen to over 1.3 billion kip (US$165 million) and “it has risen to about 1.5 trillion kip (US$184 million) in June this year,” Ms Sengdao enthused.
Phongsavanh Bank had credits and loans worth around 3.4 billion kip (US$420,000) in 2007. This has went up to about 776 billion kip (US$97 million) last year; and continued rising to over 1 trillion kip (US$126 million) in June this year,” she explained. The bank also has an increasing numbers of deposit accounts. It had over 200,000 accounts in June this year, increasing from 180,804 accounts last year, after commencing with a modest 11,095 accounts back in 2007.
“In the last six months of this year, we hope all of those figures have increased even more,” she stressed.
Phongsavanh bank has enjoyed rapid growth since it opened for business in February 2007, under a licence from the Bank of the Lao PDR.
It has nine banks for business cooperation with other countries, and two representative offices in Hanoi, Vietnam, and Bangkok, Thailand.
A cross border ATM link was recently launched between Phongsavanh Bank and the Bangkok Bank, with assistance from the Processing Centre Company Limited of Thailand.
On average, the bank processes between five and six thousand transactions each day, and the number of people using its services is continuing to grow, according to a recent report.
Currently the bank has four branches, three services centres, 13 service units, 60 ATMs and over 200 points of sale or POS at markets and minimarkets throughout the country.
It recently entered into a cooperation agreement with Central Plaza Udon Thani in Thailand, to facilitate cross border credit card transactions for customers from Laos. The bank also offers customers a VISA and Master Card service.
The bank has been expanding its business services aggressively and its assets have increased by an average of 76 percent per year since its inception.
On average, the bank processes between five and six thousand transactions each day, and the number of people using its services is continuing to grow.
vientiane times
