Agribank expands operations in Laos
Agribank expands operations in Laos
The Vietnam Bank for Agriculture and Rural Development (Agribank) launched a cross-border payment system via Internet banking with Laos' Phongsavanh Bank (PSVB) on November 5 in Laos' capital Vientiane.
Speaking at the inauguration ceremony, PSVB General Director Sengdao Bouphakonekham appreciated Agribank's expansion of operations in Laos.
She said that the expansion will help provide the best-quality banking services to users, as well as promote trade and investment between the two countries.
Earlier, Agribank signed an agreement on the cross-border payment system via Internet banking with the Agriculture Promotion Bank of Laos (APB) on November 4 in Vientiane.
Agribank has been implementing the cross-border payment system with Laos' banks since 2008, and PSVN and APB are its first partners.
Agribank's co-operation with Laos' banks on the cross-border payment system is part of its strategy to expand markets and diversify its banking services.
As of September 30, Agribank's total assets touched USD$36.6 billion, which meets Viet Nam's standards for the banking business.
Agribank has received the largest capital investment from international financial organisations, amounting to $7 billion.
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