Phongsavanh Bank eyes substantial growth in deposits
Phongsavanh Bank eyes substantial growth in deposits
Phongsavanh Bank, the first privately owned bank in Laos, expects to generate 15-20 percent growth in deposits next year after achieving a major increase in excess of plan already this year, a senior bank officer said.
“So far this year we have reached a deposit total of US$300 million, which is 50 percent over our plan for the whole year,” the bank’s Deputy Managing Director Mr Southideth Nalivanh told Vientiane Times on Tuesday.
He said that deposit and loan targets should both show around 15 to 20 percent growth next year.
The bank also marked the 8th anniversary of its founding on Monday with a wide range of activities at its head office, as well as its branches and service units throughout Laos.
According to the bank’s website, they plan to increase the 17 branches and 50 service units they currently have around the country by the end of 2015, creating wider customer access to their banking services.
The bank has set specific targets regarding the provision of loans to help in the growth of a number of different, privately owned businesses.
As a major private commercial bank in Laos, the bank seeks to be recognised as a Lao bank with an extensive network able to provide world class banking services to individuals, corporations and government agencies.
vientiane times
