ACLEDA opens new branch amid client growth

ACLEDA Bank Lao Ltd's Sikhottabong branch expects to have almost 110.2 billion kip (US$13.8 million) issued in loans and held in deposit accounts on behalf of more than 6,500 clients by the end of this year.

“The branch plans for loan disbursement to total about 80.1 billion kip (US$10.1 million) for more than 3,200 clients, while cash deposits should reach about 29.5 billion kip (US$3.7 million) with more than 3,300 accounts,” branch Manager Mr Chanthavy Sounda vong said last week.

Mr Chanthavy was speaking at the inauguration of the bank's Sikhottabong district branch. “As of April 22, the branch had more than 1,900 families with credit or loans outstanding, totalling around 66.8 billion kip (US$8.3 million). There are over 900 deposit accounts with total funds deposited reaching 12.2 billion kip (US$1.5 million),” he said.

“In relation to money transfers, there have been more than 6,000 transactions with a transferred amount of about 46.1 billion kip (US$5.7 million),” Mr Chanthavy said.

Sikhottabong branch is one of 33 offices of the bank. It received a business license from the Bank of the Lao PDR in December last year, in order to upgrade the Sikhottabong service unit into a branch.

At present, the new Sikhottabong branch has three service units, including Sikhottabong1 service unit located near Sikhai market in Vientiane.

The bank's CEO and Managing Director, Mr Narin Phon, said that up to April 22, the bank's total staff at all branches and service units in Laos numbered 637. Since its inception, ACLEDA Bank Laos has disbursed loans to 32,960 families and loan disbursements have totalled more than 1.3 trillion kip (US$169 million).

Over 13,100 families are active loan clients with total loans outs tanding of around 604 billion kip (US$75.5 million). There are over 25,900 deposit accounts with total cash deposits of about 516.8 billion kip (US$64.6 million). In relation to money transfers, there have been a total of 12,517 transactions with a total of 702.4 billion kip (US$87.8 million) transferred.

Mr Narin said that the business plan for 2013 is to have over 29,700 families as active loan clients, with total loans outstanding of about 800 billion kip (US$100 million); and over 37,700 active deposit accounts with cash deposits totalling around 680 billion kip (US$85 million).

In regards to electronic banking services, the bank is in the process of installing100 point of sale (POS) machines at supermarkets, hotels and restaurants throughout Laos. At the same time it will more than double the number of ATMs it has operating from 30 to 62.

Mr Narin said currently the bank is in the process of recruiting new staff and training them in banking industry procedures, with the aim of increasing staff numbers from the current 637 to around 900 staff.

vientiane times

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