Bank eyes service improvements ahead of AEC
Bank eyes service improvements ahead of AEC
Phongsavanh Bank, the first privately owned bank in Laos is looking forward to cooperating with other Asean banks in offering financial services ahead of the Asean Economic Community integration.
Near the end of 2015, the banking sector is hoping that more improvements in terms of loans, deposits and other services will be necessary ahead of AEC connectivity.
Phongsavanh Bank is also set to expand its service cooperation with other banks in Asean countries, especially in Singapore, Myanmar and Cambodia.
“These countries are already our future targets for further banking cooperation in financial services,” the bank's Deputy Managing Director Mr Southideth Nalivanh told Vientiane Times yesterday.
He explained that the connection with other banks in Asean was included in the plan but the exact schedule will be fixed later.
In preparation for the AEC by 2015, the bank's board, its branch management and major shareholders got together at the bank's headquarters in Vientiane yesterday.
President of Phongsavanh Group Company Limited, Lieutenant General Ai Sayaseng, senior line managing directors of Phongsavanh Bank and other invited guests were present at the meeting.
In his opening address, Lieutenant General Ai Sayaseng said the bank had achieved many good results in providing financial services over the past seven years.
“We are as young as a first grade student in primary school but the role we play gets ever greater as our bank is now well-recognised by members of the Lao public,” he said.
He added that the AEC will provide a good opportunity for the bank to compete with other banks in Laos and Asean but there are also challenges as well.
“More than 30 commercial banks are established in Laos, but along with those banks we also occupy quite a large part of the retail banking market,” Lieutenant General Ai said.
In 2015, the bank has plans to improve capacity building for its personnel, link closely with other banks in Asean, make improvements to customer service, build a stronger financial base for the bank as well as expand its service channels via electronic systems for domestic and international customers.
According to a recent report from Mr Southideth, Phongsavanh Bank expects to generate 15-20 percent growth in deposits next year after achieving a major increase in excess of the plan already this year.
“Currently we have a deposit total of over US$300 million, which is 50 percent more than our plan for the whole year,” he announced recently.
He said that deposits and loan targets should both show around 15 to 20 percent growth next year.
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.
