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ACLEDA bank sees customer numbers surge
The first Cambodia-based commercial bank to operate in Laos, ACLEDA Bank Lao Ltd, is thriving and already has loans and deposits well beyond the 2011 target.
The bank's projections planned for loans worth about US$27 million by 2013 and deposit accounts worth US$14 million this year.
“But we already have US$27 million of loans on our books and over US$25 million in deposit accounts,” the bank's CEO and Managing Director Mr Narin Phon said in a recent interview.
The bank has exceeded its targets because of the increasing number of small, medium and large sized enterprises that comprise its customers. It now has over 15,000 deposit accounts and over 12,900 families have taken out loans.
“The bank has disbursed loans worth over US$50.7 million since we opened for business in July 2008,” Mr Narin said.
ACLEDA Bank Lao had planned to start turning a profit in July this year - three years after opening. “However, we started making a profit in February, five months ahead of schedule,” Mr Narin said.
Because of the growing number of customers, the bank plans to open more service units, branches and ATMs and to employ more staff.
The bank has its headquarters, four branches and 10 service units in Vientiane and the provinces of Champassak, Savannakhet, Saravan and Khammuan.
It plans to open more service units in Vientiane province and Vientiane this year, and will also upgrade some existing service units into branches in the capital.
“Right now we're preparing the documents to ask permission from the government,” Mr Narin said.
The Saravan service unit is set for upgrade to a branch next year, and the bank hopes to have full service units and branches in the southern provinces in the following years.
“We're also looking at service units and branches in the northern provinces by 2013 and 2014,” he said.
The bank now has 15 ATMs and plans to install an additional 10 this year.
With almost 400 staff at present, this number is expected to rise to 450 employees this year and to 500 or 600 next year. The target is to have almost 1,000 staff by 2013, and 1,300 to 1,500 staff by 2015.
“We will have a full complement of service units and branches in Laos by 2015,” Mr Narin said.
Bank staff will also provide services to customers' homes in both towns and outlying areas. This service has been provided successfully in Cambodia.
“These staff will mainly provide various services to help people with credit and loans,” Mr Narin said.
ACLEDA was established as a limited company and obtained a license as a commercial bank with total registered capital of 100 billion kip.
It now has 220 billion kip. “We will have 300 billion kip in 2013,” Mr Narin said, adding that this is in line with the Bank of the Lao PDR's directive to all commercial banks to increase their minimum capital.
The bank offers a full range of commercial and retail banking services, ranging from family businesses to small and medium scale enterprises and corporate organisations.
Its shareholders are ACLEDA Bank Plc (Cambodia), International Finance Corporation (World Bank Group) and the Netherlands' Development Finance Company, Triodos-Doen, and Triodos Fair Share Fund.
vientiane times
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