ACLEDA bank to roll out branches, ATMs

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VietStock FI English - 29 month(s) ago 9 readings

ACLEDA Bank Lao Ltd will install an additional 15 ATMs in Vientiane and some of the provinces this year, as customer numbers continue to grow.

“We expect to have a total of 30 ATMs by the end this year, as currently we have 15 already,” the bank's CEO and Managing Director Mr Narin Phon said recently. “We will spend about 16.1 billion kip (US$2 million) on the expansion.”

“The bank has a capital expenditure budget of US$2 million every year, to put towards improvements and expansion.”

The bank plans to open an additional four service units in Vientiane and also in Savannakhet and Champassak provinces early this year. “We expect to have 23 offices by the end of the first quarter. Currently we have 19 offices in total,” Mr Narin said.

In Vientiane the bank plans to open two additional service units in Xaythany district, one of which will be close to the National University of Laos and the other in Donnoun village, “where we are currently looking for a suitable location,” he said.

The bank will also open one service office in Phin district, Savannakhet province, next month, and another near the World Heritage Site of Vat Phou in Champassak province in March.

So far, the bank has expanded its network quite rapidly, offering services in all the southern provinces except Attapeu. “A service office will be opened in Attapeu by the end of this year or early next year,” Mr Narin said.

The bank also plans to start service expansion to the northern provinces by the end of this year or next year.

“T he first service office will be in Vangvieng district, Vientiane province, and will be followed by Luang Prabang and the rest of the provinces,” he said. At present there is one service office in Phonho ng district, Vientiane province.

The bank also plans to upgrade its four service units in Xaysettha, Chanthabouly and Sikhottabong districts in Vientiane and Saravan province into full scale branches by the end of this year.

“We also plan to offer mobile phone banking services some time soon, but that project is currently in the planning stage,” he said.

The bank has also seen an increase in the number of deposit account holders. It had 15,305 deposit accounts containing about 244 billion kip in total (US$30,385,616 million) at the end of last year, up from about 152 billion kip (US$19 million) in 2010.

ACLEDA, the first Cambodia-based commercial bank to operate in Laos, was established as a limited liability company. It obtained a licence as a commercial bank with a total registered capital of 100 billion kip.

The bank expects to have 300 billion kip in capital this year, which is in line with the Bank of the Lao PDR's directive to all commercial banks to increase their minimum capital.

Its shareholders are ACLEDA Bank Plc (Cambodia), International Finance Corporation (World Bank Group) and the Netherlands' Development Finance Company, Triodos-Doen, and Triodos Fair Share Fund.

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