Lao Development Bank, Chinese company to invest in banking

Lao Development Bank and Construction Ocean Chemical Holding Group Co. LTD of China have signed a Memorandum of Understanding on cooperation study for establishing a joint business bank in Laos.

The MOU was signed at the Lao Plaza Hotel, Vientiane Capital, on January 18, between Deputy Director of the Lao Development Bank, Mr. Boualian Phommavongsa, and Deputy Director of the Construction Ocean Chemical Holding Group Co. LTD, Mr. Wu Chaoyang.

The witnesses to the event were Director of the Lao Development Bank, Ms. Bounta Daravy and representatives of the Bank of the Lao PDR, Ministry of Finance, Ministry of Planning and Investment and relevant officials of both sides.

Based on an initial agreement, the Lao Development Bank would hold about 20 per cent of share and the Chinese company would hold 80 per cent.

The joint cooperation between two investors has been made by the Bank of the Lao PDR agreement and support, which is based on the implementation of Party and Government�s foreign policy, particularly the cooperation with China.

Lao News Agency

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