Cambodian-Japanese bank Maruhan Japan opened an office in Vientiane, the capital of Laos, on Saturday, making it the second Cambodian bank and the first Japanese bank to come to that country.
Maruhan’s presence in Laos would boost economic and investment ties between the two ASEAN member states, the bank said in a press release, adding that it hoped the move would attract more Japanese investors to both Laos and Cambodia.
“We are proud to support the commercial and financial development of Laos PDR which, due to its key location and the potential for the development of its transport infrastructure, has been highlighted as a future transport hub within the ASEAN region,” the bank’s chairman, Han Chang-Woo, said.
“We are excited about the opportunities this kind of development will create, and we know that others are keen to capitalise on these opportunities too.”
Locally owned Acleda Bank set up a branch in Laos in 2008 and now has 28 branches in 10 provinces.
“I think the market there is really good, because we’ve had huge demand. The presence of Maruhan will give more options to customers,” Acleda president In Channy said, adding that his bank had been profitable in Laos since February of last year.
Last year, Maruhan opened a representative office in Myanmar after the country opened its long-closed economy to international trade and investment.
To contact the reporter on this story: May Kunmakara at email@example.com