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Joint Development Bank to expand ATM network
The Joint Development Bank (JDB) will spend about 1.2 billion kip (US$150,000) to install six new ATMs in Vientiane to meet rising demand and competition.
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| A customer opens a deposit account at the bank's new service unit in Sikhottabong district, Vientiane, which was launched on Wednesday |
A customer opens a deposit account at the bank's new service unit in Sikhottabong district, Vientiane, which was launched on Wednesday.
“The new ATMs will be imported and will arrive in Vientiane by next week,” JDB Chief Executive Officer Mr. Saroge Singsomboon said at the opening ceremony of a new service unit in Vientiane on Wednesday.
“There will be many more ATM machines installed this year,” he added.
However, the bank will conduct a study into which areas are most in need of ATMs before confirming how many of the machines will be installed this year.
The bank currently has 32 ATMs in service, including 29 in Vientiane and three in Luang Prabang. The bank had only 18 ATMs in operation in 2008.
JDB opened a new service unit in Sikhay of Sikhottabong district this week after three months of preparations.
It is the third such unit opened by the bank. The first one is in Xaysetta district of Vientiane and the other in Luang Prabang province.
JDB Director and Deputy General Manager Mr Thongchaleun Khenming-mongkhon said the Sikhay area is an economic zone and contains many services, including companies, stores, a market, entertainment venues, import and export services, state and private schools, small-scale enterprises and families businesses.
“The unit is ready to provide banking and financial services in the area in the face of competition from foreign and local banks,” Mr. Thongchaleun said.
He said JDB is also focusing on services improvement, including its IT banking system, to keep up with modern banking developments.
Previously the Sikhay area offered few business services, “but it is very different now because of better infrastructure development,” Mr. Thongchaleun said.
JDB Marketing Department Assistant Manager Mr Suriya Puasrisuwan said the bank currently has about 50,000 deposit accounts, seeing an increase o f about 10 percent each year. The figure is expected to keep rising because the bank is looking to expand service units throughout the country.
The bank plans to open a service unit or branch in Bokeo province some time this year, in addition to one in Pakxe district of Champassak province and others around the country.
Mr Saroge said at present the bank has no provincial branches, but its customers can withdraw money from service units belonging to the Lao Development Bank (LDB).
This is possible because the two banks have been offering cash advances through a shared online terminal at LDB branches around the country.
JDB customers who have an ATM, Visa or Mastercard card can access services at provincial branches and service units belonging to LDB.
The bank's founders were the Thai Phomsuwan Silo & Drying Company Ltd and the Bank of Laos, now known as the Bank of the Lao PDR. The Thai investors prevoulsy owned 70 percent of the bank, which has registered capital of 35 billion kip (US$4 million), according to JDB's website.
In 2010, the bank became fully foreign-owned when the Phomsuwan Silo and Drying Company bought out the remaining shares.
vientiane times
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