|
Laos: Phongsavanh Bank opens service unit in Champassak
Phongsavanh Bank Limited (PSVB) officially opened a full service unit in Vang Tao in Phonthong district, Champassak province, last week after almost a year of preparations.
“The new unit aims to provide banking services for customers in all sectors, including state employees, traders and businesses, and especially to facilitate people crossing the Lao-Thai border,” a representative from the Bank of the Lao PDR (BOL)'s southern branch said at the opening ceremony.
The new unit in Phonthong district, which shares a border with Thailand, was opened after PSVB's Champassak branch saw quick growth in services since being launched in March 2009, the BOL representative said.
The PSVB was established in February 2007 by the Phongsavanh Group with a licence from BOL.
“On average, Phongsavanh Bank enjoys about 5,000 to 6,000 transactions each day, and the number of people using our services is continuing to grow,” PSVB Deputy Managing Director Mr Chanpheng Luangsuvannavong said at the ceremony.
Mr Chanpheng said that in the five years since the bank's inception, it has increased its total assets from 124 billion kip to the current worth of 1,374 billion kip.
The bank has been vigorously developing its business services and its assets have increased by an average of 76.07 percent per year, according to a report from the BOL last month.
Currently the bank has six branches, 12 service units and 49 ATMs. Four more branches and service units will open this year. It also has eight branches in other countries and two representative offices in Hanoi and Bangkok.
It holds 200,000 deposit accounts with total deposits worth 6.5 times as much as in 2007 and has issued loans valued at seven times the 2007 figure, according to a press release last month.
Last month, PSVB opened a full service unit in Lao Bao village in Xepon district, Savannakhet province. The district shares a border with Vietnam.
In addition, a cross border ATM link project was officially signed and launched last month between PSVB, Bangkok Bank Public Company Ltd and Processing Centre Company Limited of Thailand last month.
vientiane times
|
