Banks booming in Bokeo
Banks booming in Bokeo
The banking business is undergoing rapid growth in Bokeo province, thanks to its prime location in the infamous Golden Triangle area, where numerous investors have set up operations.
Bokeo, is within the three- bordered intersection of the Lao PDR, Myanmar and Thailand and at the ‘Economic Quadrangle' where Laos, Thailand and Myanmar meet and close to China.
Lao Development Bank H ouayxai branch, located in the Bokeo province, reported a profit of about 762 million kip in the first quarter of 2013, 21 percent over its plan for the period.
The branch, one of six banks in Houayxai, has set a target to achieve profits of 1,800 million kip this year.
Branch vice manager, Mr Somvang Phengmaduangchack, said he was quite sure the bank would end up bringing in more than the target amount.
He said the province was experiencing business growth because of its border location with Thailand and Myanmar, and easy links to China.
“There is more trade and business here, so the banking business is quite good,” Mr Somvang said. In 2012, branch profits totalled 1,235 million kip – lower than expected due to investment in expanding business and an increase in staff salaries.
That year, the branch received deposits from the clients totalling 205,112 million kip, which is 5 percent over the plan, and provided 133,625 millio n kip in loans for businesses.
In the first four months of 2013, the branch received 218,487 million kip in deposits from its Bokeo clients, and provided credit of 144,577 million kip – 5 percent more than t he plan.
Construction is already underway on a modern five-story building for the branch, to provide better services and meet the growth of the province.
Lao Development Bank's contribution does not stop with economic growth, with the Houayxai branch donating 12 million kip in sports and stationary equipment to children from poorer districts and remote area schools in the province.
vientiane times
