Lao's Phongsavanh Bank To Open First Branch In Thailand

[george]

Lao's Phongsavanh Bank to open first branch in Thailand

BANGKOK: -- A privately owned commercial bank from Laos is set to open its first representative office in Thailand at the end of this year.

In Bangkok for preparatory meetings was Dethphouvan Moularat, Assistant to the Bank of Laos governor, and Phongsavanh Bank chairman Od phongsavanh who met Bank of Thailand (BoT) Governor Tarisa Watanagase on Friday to discuss the criteria and conditions regarding the possibility for Phongsavanh Bank to open its first representative office in the kingdom.

After the meeting the Phongsavanh Bank representatives said that the bank wanted to enter Thailand to facilitate Lao workers employed in Thailand and tourists from both countries on banking related transactions, including payments, deposits, money transfers and money changing in both Lao kip and Thai baht currencies.

At the initial stage, he said, the bank planned to open its first representative office in Bangkok by this year and would upgrade to be branches in the capital and set up branches in Thai provinces bordering Laos.

He added that the branches would help facilitate Thai and Lao business people as bilateral trade volume was increasing during the first three to four years after Thai-Lao Friendship bridge was opened.

Mr. Od added that Phongsavanh Bank also discussed about the use of bank's ATM card instead of cash for payment of goods in some bordering districts as the bank was ready in terms of system.

The bank was coordinate with Thai major banks including Kasikornbank, Bangkok Bank and Siam Commercial Bank and it the things go smoothly, the system could be connected within three months and the service could begin operations immediately, he said.

Phongsavanh Bank started the general public operation in March 2007, providing full retail and commercial banking services to its client base. It has now branches in Vientiane and Savannakhet and planned to open three more branches this year at Champasak, Luangphabang, and Bokeo.

--TNA 2008-04-25