ACLEDA opens new branch amid surge in deposits, loans
ACLEDA opens new branch amid surge in deposits, loans
ACLEDA Bank Lao Ltd's Chanthabouly branch expects to have almost 128 billion kip (about US$15,980,000) issued in loans and held in deposit accounts by the end of this year.
“We expect to have issued about 96.2 billion kip (US$12 million) in loans, while our deposit accounts are expected to be worth almost 32 billion kip (US$4 million),” branch Manager Mr Kongkeo Insane said on Friday.
“By the end of last month, we had already issued about 69 billion kip (US$8.6 million) in loans to over 600 customers; and held about 25.4 billion kip (US$3.2 million) in the accounts of over 1,500 depositors,” Mr Kongkeo said at the inauguration of the bank's Chanthabouly district branch.
“We also enabled more than 4,700 money transactions, via Swift and Western Union, worth almost 27 billion kip (US$3.3 million),” he added.
The Chanthabouly branch is the 29th service office of ACLEDA Bank Lao Ltd to receive an approval and licence from the Bank of the Lao PDR, which was granted last November. The new branch is an upgrade of an existing service unit that opened several years ago.
Last month, the bank also inaugurated its Xaysettha branch in Vientiane, which was also an upgrade of an existing service unit, signifying the bank's expansion plans.
Currently the bank has numerous service offices in all the central and southern provinces of Laos. In the north of the country meanwhile, it has service offices in the provinces of Bokeo and Luang Prabang.
“Now we are renovating service offices in the provinces of Xayaboury, Xieng Khuang and Oudomxay, which will open soon,” the bank's Managing Director and CEO Mr Narin Phon said at the ceremony.
“We plan to have 40 offices open by the end of this year. We also hope to open other offices in Phongsaly and Huaphan provinces sometime next year.”
The bank will also open another branch in Vientiane next month, to be located in Sikhottabong district.
The bank expects to spend almost 64 billion kip (US$8 million) on more service units and branches in both Vientiane and the provinces in the future, and plans to employ an additional 300 staff this year alone.
At the end of 2012, the bank had 590 employees working at 28 service offices in Vientiane and the provinces, including the headquarters, seven branches and 20 service units, in addition to its 30 ATMs.
The bank's plan for last year was to disburse loans worth about 456 billion kip (US$57 million), and for deposit holdings to reach a total of around 368 billion kip (US$46 million).
This year, the bank expects to have between 680 billion kip and 720 billion kip (US$85 million to US$90 million) in deposits, and to issue loans of about 880 billion kip (US$110 million).
vientiane times
