Lao-Viet Bank eyes 20 percent growth in 2013
The Lao-Viet Bank (LVB), one of the most successful banks in Laos, is expecting to see further growth of 20 percent in 2013 and aims to become a leader in the industry through the use of modern technologies and services.
The bank yesterday organised a meet and greet function to thank its customers prior to the upcoming Pi Mai Lao holiday.
Speaking at the event, LVB General Managing Director, Mr Doan Viet Nam, said the bank was established in 1999 as a joint venture between the Banque pour le Commerce Exterior Lao (BCEL) and the Bank for Investment and Development of Vietnam.
“In 2012, LVB increased its registered capital to US$70 million which made it the bank with the second largest registered capital after BCEL and much, more than other Vietnamese banks investing in Laos,” he said.
LVB's gross assets have risen to US$500 million. Exceeding deposits by US$250 million, this is equivalent to more than a 30 percent growth per year and secures a loans total of over US$350 million.
“Currently, the bank is providing loans to the Hoang Anh Gia Lai Group, Road No. 8 Construction Company, Chitchaleun Construction Company and other corporations,” he said.
In 2012, LVB upgraded its banking system to Core Banking which allowed it to provide much quicker services, security and efficiency. The bank has many subsidiaries from the north to the south of Laos, in Luang Prabang, Xieng Khuang, Savannakhet and Champassak provinces and in Vientiane, with another two branches in Hanoi and Ho Chi Minh City, Vietnam.
Over the past 14 years the number of customers has risen to the current figure of 22,000 which is a significant indicator of the reliability, trust and loyalty shown towards the bank's services.
LVB is a bridge for transactions and the exchange of Lao kip and Vietnamese dong between the two nations and serves the economy, trade and investment, as well as the businesses and the people of the two countries