Banks in Laos receive international awards
Banks in Laos receive international awards
Laos has become home to some of the world's top banks after the UK-based magazine The Banker awarded “Bank of the Year” status to the ANZ and BCEL banks.
The international banking and finance magazine awarded the accolade to the Australia and New Zealand Banking Group Limited (ANZ) this year in recognition of its strong management, sound business model and prudent approach to risk.
Last year, The Banker bestowed the Bank of the Year award on BCEL, citing its good management and performance.
This is fourth time ANZ has won the award since it opened a branch in Vientiane in 2007. The magazine made particular mention of the trust customers had shown in ANZ during the global financial crisis and its aftermath.
“It is a great honour for ANZ to be named as Bank of the Year by this prestigious magazine,” ANZ Laos CEO Lathief Abdul said as quoted in a media release from the bank.
“The award is once again testimony to ANZ's unique position in Laos as a well respected and most connected international bank. It is also a tribute to our staff for their tireless efforts and commitment to maintain our market leading position as a provider of a wide range of financial products and services supporting the Lao economy.”
ANZ CEO Mr David Hisco said the management of ANZ had worked hard to progressively bring together the two bank brands, ANZ and The National Bank, culminating in the decision to combine them as ANZ.
“We have since brought both banks onto a single IT platform - one of the biggest IT projects in New Zealand's history. Crucially, we were able to do this with minimal disruption to customers.”
Mr Hisco said the new ANZ combined the best of both banks to provide a compelling proposition for customers: strength and global reach along with great customer service and internet banking.
“We now have a new focus and scale to build further on customer service and grow our market share as New Zealand's best bank.”
“We are also better placed than ever to support customers and businesses in New Zealand at a key time of fragile economic recovery,” Mr Hisco said.
The Bank of The Year Award was launched by The Banker magazine, which is published in London, UK. It is an international banking and financial publication that was first established in 1926.
This year the award attracted contestants from 147 countries worldwide. Only one bank in each country receives the award. To qualify, each bank must justify its shareholder returns, its business strategy, its performance, and to what it owes its success.
There are now more than 22 banks in Laos after the Bank of the Lao PDR relaxed restrictions on investment in the sector to enable greater access to banking and financial services.
vienitiane times
