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Bank's new product offers fixed deposit accounts
Phongsavanh Bank (PSVS) in Vientiane launched fixed deposit accounts on Wednesday to mark the bank's 5th anniversary and provide new services it hopes will attract more customers.
Phongsavanh Bank staff and customers launch the new product.
The bank plans to promote fixed deposit accounts through activities such as entering account holders in lucky draws with the chance of winning attractive prizes.
The new product has been available for five days now “and we see a lot of new fixed deposit accounts have been opened worth almost 32 billion kip (US$4 million),” said the bank's Deputy Managing Director, Mr Bounthanh Vongsoury.
Prizes worth more than 5 billion kip will be on offer in lucky draws, including a house with land, pick-up trucks, personal accounts, gold medals, return flights from Vientiane to Bangkok, and cards for use at fuel stations.
“This project will help our bank to double the number of deposit accounts between now and March next year,” Mr Bounthanh said.
In June the bank had 150,000 account and loan customers, including both SMEs and large enterprises, when it launched a new product and service centre, SME Pro, to provide services to nine sectors of SMEs.
“With SME Pro's services, we expect to have an additional 50,000 customers within the next two years,” the bank's Deputy Managing Director Mr Vanitja Sayasane said in June.
The nine sectors are agricultural production; food processing; construction; retail and wholesale; auto repair; hotels, guesthouses and restaurants; transportation; education and business administration; handicrafts; and environmental protection.
P hongsavanh Bank expects to help with capacity building for existing local SMEs, support new business operators and provide consultation, loans and credit services.
The new unit has a budget of 900 billion kip available for loans to the SME sector over the next one to two years. It will require only three to five days to issue or offer a loan.
Phongsavanh Bank – which opened in Vientiane in March 2007 - is a private, licensed bank providing financial services to individuals, businesses, and government agencies.
vientiane times
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