CIMB Thai bank expands to Laos
CIMB Thai bank expands to Laos
CIMB Thai Bank officially opened its first branch in Vientiane to provide banking and financial services for individuals and commercial customers.
The opening ceremony was attended by Vice Governor of the Bank of the Lao PDR Mr Sonexay Sithphaxay and the CIMB Thai’s Independent Director Mr Dato Shaarani Bin Ibrahim.
The Vientiane branch is CIMB Group’s first presence in Laos and is also CIMB Thai’s first branch abroad. CIMB Group is now present in nine out of 10 Asean nations.
The branch aims to cater to both local and foreign customers, who have investments in Laos, offering fully fledged financial solutions to facilitate business operations and transactions both domestically and overseas, according to Mr Subhak Siwaraksa, President and CEO of CIMB Thai Bank PCL.
Products and services that we are offering include deposits and loans in Lao kip, Thai baht and US dollars, as well as solutions for foreign business transactions such as trade finance, inward and outward remittances and foreign exchange services.
“Laos has high economic growth prospects and is a major trading partner of Thailand. We are committed to take part in driving and growing together with the country’s economy. We will serve as a gateway to Asean for customers here, leveraging on CIMB Group’s strong regional network,” he added.
Mr Subhak said CIMB Thai aims to provide 75 billion kip (THB 300 million) in loans to customers in its first year of operation. Laos requires financial resources but banks in Laos can’t provide enough funds to meet the demands of socio-economic development.
Hence, the opening of CIMB Thai Bank - Vientiane Branch is considered to increase its financial force in the banking sector and raising funds domestically and abroad into the country’s economic development, Mr Sonexay said at the ceremony.
vientiane times
