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ST Bank to expand services in capital, provinces
ST Bank plans to open additional branches and service units in northern and southern Laos this year and install 20 additional ATMs in Vientiane and the provinces.
“We will officially launch our third branch next week in Luang Prabang province,” said bank Deputy Managing Director Mr Bounpone Phouthavong, speaking at a lucky draw held at Lao-ITECC in Vientiane on Saturday.
The Luang Prabang branch recently completed installing electronic equipment and “opened for a trial service period earlier this month,” Mr Bounpone said.
At present the bank has its headquarters and 10 service units in Vientiane and two branches in Champassak and Savannakhet provinces.
It will open two additional service units in Sisattanak district in Vientiane and in Phonhong district, Vientiane province, this year, and will open a branch in Bokeo province next year.
“Currently we are renovating the buildings for the two new service units and they may launch by the end of the third quarter of this year,” he said.
The bank now has 20 ATMs - including over 10 units in Vientiane with the rest in Luang Prabang, Champassak, and Savannakhet provinces. The bank plans to increase this number to about 40 ATMs next year.
“We have already bought 20 additional ATMs. The bank expects to complete the installation of 10 ATMs this year and the remaining 10 units will be installed next year,” Mr Bounpone said.
The bank's expansion is directed at helping local farmers and small enterprises access financing. ST Bank currently focuses on providing loans to small businesses and traders.
ST Bank, operated by ST Group Co Ltd, was established in July 2009 to provide comprehensive financial services.
The group is a multi-business company that was established in 1994 and has experienced steady growth. It has diverse business interests including import-export, duty free, power generation, mining, beverage production, construction, hotel and resort management, and entertainment.
It also leases some of its real estate to other businesses and provides advice to potential investors.
Currently Laos has 24 banks, including four state-owned commercial banks, three state-private joint ventures, and 17 private commercial banks (15 foreign and two domestic private.)
vientiane times
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