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Chinese bank opens branch in Vientiane
The Industrial and Commercial Bank of China (ICBC) officially opened a branch of the bank in Vientiane yesterday, the first of the bank's service network in Laos.
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| Mr Jiang Jianqing (left) and Bank of the Lao PDR Governor Somphao Phaysith cut a ribbon to open the ICBC Vientiane branch. |
Mr Jiang Jianqing ( left ) and Bank of the Lao PDR Governor Somphao Phaysith cut a ribbon to open the ICBC Vientiane branch.
The new branch represents a further improvement of ICBC's network in Southeast Asia and is an important step forward in its international development strategy, according to a press release.
Mr Jiang Jianqing, Chairman of the Board of ICBC, said at the inauguration ceremony that the new branch creates another bridge for economic and trade cooperation between Laos and China.
The bank's presence in Laos will provide higher quality financial services to further bilateral cooperation in economy, trade and investment, and serve to promote economic development in Laos.
“The new branch will exercise the best practice in the world in its operations, and will strictly observe Laos's supervision principles over the banking industry and strengthen its risk management and internal control, to become a highly praised bank among local communities,” Mr Jiang said.
The new branch will mainly deal with deposits and loans, international settlements, trade finance, project financing and treasury as well as other business.
Being dependent and friendly neighbours, China and Laos have seen a developing bilateral relationship in recent years and economic and trade cooperation shows bright prospects.
The press release noted that between 2005 and 2010, annual bilateral trade volume increased from US$130 million to US$1 billion.
Since 1989, China has invested in 443 projects in Laos with the total amount reaching US$4.52 billion. China has become the No. 1 investor in Laos, notably in the mining industry, hydropower stations, industry, agriculture, and the service industry.
The developing economic and trade cooperation and growing investment between the two countries has laid a solid foundation for a booming financial industry and presented new demands for cross-border banking services.
Backed by ICBC's capital base, network and technology platform, the new branch will make full use of its advantageous location in the Lao capital, to provide quality financial services to customers, multinational corporations, financial institutions and individual customers involved in China-Laos economic and trade exchanges.
In recent years, ICBC has actively implemented its international operations and development, accelerating its pace in setting up overseas institutions, expanding its business scope and improving its capacity to provide cross-border financial services.
By the end of September this year, the bank had established 234 institutions in 31 foreign countries and regions, forming a global service with China's economic and trade partners and featuring a layered structure, proper orientation, diverse channels and efficient operations.
ICBC has built an IT system to support business management all around the world, achieving global interchange for main businesses, and has greatly improved its global service strength and competitiveness.
vientiane times
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