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Banque Franco-Lao unveils expansion plans
Banque Franco-Lao is planning further expansion and will open more branches in Vientiane and the provinces.
The bank's Managing Director Mr Guillaume Perdon said on Friday the bank opened new branches in Sikhay market on September 6 and at the new Talatsao mall on September 20 this year, for the provision of business and private banking services.
The bank also plans to open other branches in the provinces, namely Luang Prabang, Savannakhet and Champassak, to provide quality banking services in regional areas.
Mr Perdon said that in the coming weeks the bank will be able to process VISA cards at ATMs and points of sale in response to customer demand in Laos and France as well as in other countries, and will launch their own Banque Franco-Lao VISA card in 2012.
The bank is a subsidiary of two major banks in Laos and France, and customers can be sure their money is secure both when held as a deposit or when being transferred overseas.
Mr Perdon said Laos is now a very attractive country for investment and Banque Franco-Lao wants to base its operations here because it is in the centre of a very attractive region in terms of growth. The bank will not be here for just three years, or five years, but for a long time to come.
The bank will charge modest fees for its services, which will be very competitive in comparison to other large banks. As part of their growth strategy, they hope to foster greater ties with the Lao community in France. More than 200,000 people of Lao ethnicity live in France, most of whom have relatives in Laos. Mr Perdon hopes the bank can establish a solid business relationship with this group in terms of money transfers and other services.
Banque Franco-Lao Ltd opened its first branch in Vientiane in September last year, offering modern, premium commercial banking services. Since then, the bank has proved popular with customers in Laos, particularly those from the French community.
COFIBRED, a subsidiary of BRED, and Banque pour le Commerce Exterieur Lao (BCEL) entered into a joint venture to establish a modern, profitable bank by the name of “Banque Franco-Lao Ltd” in both France and Laos, to engage in commercial banking and financial services throughout Laos.
Founded in 1919 BRED is the biggest regional bank in the Banque Populaire Group. It counts over 116,000 shareholders and employs more than 3,750 people with shareholders' funds of more than 300 billion kip. COFIBRED holds a 54 percent stake, with BCEL holding the balance.
phnom penh post
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