Banque Franco-Lao Ltd (BFL) plans to open three more business units in Vientiane this year, after officially launching its third unit in the capital last week.
“We also plan to open two branches in Luang Prabang and Champassak provinces this year,” BFL Executive Managing Director Mr Guillaume Perdon said on Friday at the opening ceremony of the Sihom business unit in Haysok village, Chanthabouly district.
“We also plan to open a branch in Savannakhet province in 2013,” Mr Perdon said.
These developments will spread services provided by ATMs, credit cards and e-banking. “We also hope to offer banking services through smartphone in the future,” he said.
Currently BFL has service units at Sikhay market in Sikhottabong district, at the Talat Sao Mall, its agency in Chanthabouly district, and now the new Sihom unit.
It now has over 2,000 customers, including SMEs, grocery shops, large enterprises, and individuals.
BFL was founded in October 2008 under a Memorandum of Understanding between the French bank BRED Banque Populaire and the leading Lao bank, Banque pour le Commerce Exterieur Lao Public (BCEL).
COFIBRED is a subsidiary of the French banking group BRED Banque Populaire and holds a 54 percent stake in BFL, while BCEL holds 46 percent, according to the BFL website.
Founded in 1919, BRED is the biggest regional banking society in the Banque Populaire Group. It counts over 116,000 members, employs more than 3,750 people and has 341,437,500 euros in capital.
Founded in 1975, BCEL is owned by the state of Laos. Until 1989, its activities were limited to international transactions only (including the management of subsidies and loans granted by foreign countries or international organisations).
Ever since, and although still state-owned, BCEL has widened its range of commercial banking products and services.