RHB Bank launches informal services in Laos
RHB Bank launches informal services in Laos
RHB Bank Lao Limited has opened its doors in Vientiane to further extend the regional presence of Malaysia's fourth largest financial services conglomerate RHB Banking Group.
The bank launched its informal services on Friday for customers ahead of formal inauguration which will kick off in August this year.
The presence of the bank in Laos aims to serve the needs of a wide range of local retail, small to medium enterprises (SMEs), commercial businesses as well as individuals in the Lao capital.
Country Head of RHB Bank Laos, Mr Danny Ling will lead his team of 28 banking personnel by targeting to bring RHB Bank's century old experience and expertise to serve its customers in Laos with competitive tailor-made banking solutions.
“We are optimistic about our presence here in Laos and this is just the first step of our long term commitment to serve the financial needs of the Lao people and foreigners in this country. We also intend to enhance the local talent pool in Lao PDR through various training opportunities”, said Mr Ling. Mr Ling said the expansion of the bank included developing branches and ATM networks as well as providing online banking services to its customers.
“A 3-month deposit campaign starting today will be offered to all eligible customers of the bank and the first 1,000 customers, including business enterprises, who open a current or savings account with the required minimum amount in Lao Kip (LAK), US Dollar (USD) or Thai Bhat (THB) will be given an exclusive prize,” he added.
The launch of the new bank is inline with the Lao Government's goals of encouraging greater access to finance for local entrepreneurs in the hopes of creating a smoother integration into the upcoming Asean Economic Community in 2015.
The presence of more financial service groups in Laos will back up efforts to promote greater accessibility to loan funds to assist the growth of enterprises, and in turn strengthen the financial status of the nation.
According to a recent report from the Bank of the Lao PDR, currently there are four banks that are state-owned institutions, two are joint venture banks, seven are private banks and three are foreign banks.
vientiane times
