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Phongsavanh Bank cashes in on new accounts
Phongsavanh Bank has been able to raise about 367 billion kip (US$46 million) with the opening of fixed deposit accounts to mark the bank's fifth anniversary.
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| Chanthabouly district Governor Mr Phoykham Houngboun-nguang reads the winners of the bank's first lucky draw. |
“We've generated 367 billion kip in just four months after opening fixed deposit accounts in September,” the bank's Deputy Managing Director Mr Bounthanh Vongsoury said.
“On average, new deposit accounts are bringing in 80 billion to 100 billion kip per month,” Mr Bounthanh said, while speaking at the bank's second lucky draw for customers on Sunday.
“So far we have 9,430 fixed deposit accounts, which carry a period of one to three years.”
The bank's Managing Director, Ms Sengdao Bouphakonekham, said at a service unit opening ceremony last week in Vientiane that the bank now has about 200,000 deposit account holders, a number that is increasing on a daily basis.
The new fixed deposit account has proven popular with businesses and the general public, as the bank looks to capitalise on five years of service.
The bank launched the new account as part of its expansion of services to mark the bank's fifth anniversary this coming March.
It will hold another lucky draw at the end of March, in a further bid to attract customers.
The bank enters account holders into its lucky draws, which offer the chance to win 5 billion kip in attractive prizes, including pick-up trucks, personal accounts, return flights from Vientiane to Bangkok, and cards for use at fuel stations.
Ms Sengdao said the bank now has seven branches and 15 service units in Vientiane and some of the provinces; and aims to have 50 service offices nationwide within the next five years.
In addition, the bank has representative offices in Thailand and Vietnam and “hopes to have one office in China in the near future”, she said.
Phongsavanh Bank, which opened in Vientiane in March 2007, is a private, licensed bank providing financial services to individuals, businesses, and government agencies.
Last year the bank launched a range of different services, including the offer of annual loans to 20,000 households with financial resources of initially not less than 200 billion kip.
It signed a memorandum of understanding with Agribank of Vietnam to provide banking services to promote trade payments, investments and financial transactions in the Dan Savanh-Lao Bao border area of Laos and Vietnam.
vientiane times
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