Bank aims to attract more outside investors to Laos
Bank aims to attract more outside investors to Laos
Major Malaysian bank, Maybank, is aiming to attract more foreign businesses and investors to Laos, based on the financial services it offers.
The bank, which opened a branch in Vientiane recently, counts among its customers large businesses and investing companies that are based outside of Laos.
“It's especially business customers in Malaysia, Singapore, Indonesia, the Philippines and other Asean countries that we want to attract to Laos,” Maybank President & CEO, Dato' Sri Abdul Wahid Omar, said in an interview last week.
Although Laos has a population of about only about six million, its economic growth is rising fast.
“That is why we are here for financial services,” Mr Omar said.
Governor of the Bank of the Lao PDR (BOL), Mr Somphao Phaysith, said that throughout the years Laos' banking industry has developed and expanded steadily in terms of quantity and quality.
Mr Somphao said that, at present, the BOL is able to sustain the stability of the Lao kip. The commercial banks have good financial liquidity, and are consistent with international standards and requirements.
All these factors are main contributors to socio-economic development and the country's average economic growth rate of 8 percent per annum.
He said the inflation rate is under con trol and remains lower than the economic growth rate. The exchange rate is also consistently monitored.
The Maybank Lao branch plans to build more service offices in Vientiane as part of future plans for expansion to serve more customers.
“However, we first need to complete a more detailed market study. Then we will decide ho w many service offices we will have in Vientiane, and when,” Mr Omar said.
The branch offers a full range of banking services, including retail and business banking, foreign exchange, remittances, treasury services, as well as ATMs. Its retail product offerings include mortgages, personal loans, vehicle financing, and credit cards.
vientiane times
