New Lao agricultural bank headquarters reflect growth
New Lao agricultural bank headquarters reflect growth
The Agricultural Promotion Bank opened its new headquarters yesterday in Phakhao village, Xaythany district, Vientiane, in response to the continued growth of its operations in Laos.
Built by the Lao Sormanivong Construction Company, the building was completed in May after work began in April 2011, the bank's Director General, Mr Bouangeun Phongsavath, reported during the handover ceremony in Vientiane yesterday.
The cost of construction was in excess of 74 billion kip, the building comprising nine floors each measuring 42 metres long and 29 metres wide.
The large and modern headquarters will help service the bank's customers, making it easier for them to make deposits, borrow money or make withdrawals.
The Agriculture Promotion Bank (APB) was established in 1993 as a state-owned bank, focusing on the agricultural sector. Each year, the bank has developed and improved the quality and range of services it offers, expanding its presence throughout the country, Mr Bouangeun said.
The bank now has 17 branches and 77 service units operating in 141 districts.
After 20 years of service the asset value of the bank has increased by an average of about 43 percent per annum, with 56 percent of its assets held as deposits and 44 percent as credit owed.
Mr Bouangeun said the bank now has standing customers holding about 371,000 accounts and is currently improving services to incorporate new technology, such as the KCB system and expansion of ATM facilities.
The handover ceremony was attended by the Governor of the Bank of the Lao PDR, Mr Somphao Phaysith, Xaythany district Governor Mr Xonglao Youngnou, bank employees, district officials and some VIP customers.
The bank organised a lucky draw for the third Thavysok deposit-two ‘double lucky' competition, after the first two such competitions were well received.
The first prize was 200 million kip, while second prize was 50 million kip, third prize 30 million kip (of which there were five) fourth prize was 10 million kip (10 rewards), and fifth prize was five million kip (20 rewards).
Thavysok deposit-two is a money deposit bill that is allocated for two years only, costing 100,000 kip per note with interest of 3 percent per annum.
vientiane times
