Logo of Phnom Penh Post newspaper Phnom Penh Post - Acleda: Growth strong in Laos

Acleda: Growth strong in Laos

Acleda: Growth strong in Laos

Bank says operations in Laos have seen $1m in deposits

CAMBODIA'S ACLEDA Bank Plc collected more $1 million in deposits from customers in Laos its first month of operations,  more than 50 percent above initial expectations, a bank official told the Post Wednesday.

The bank was expecting to net less than half a million dollars in deposits at its first operation in Vientiane over its opening month of July 2008.

"It is very positive that Laotians trust Acleda," said Cheam Teang, Acleda's executive vice president and chief treasury and international officer.

The bank is scheduled to open two more branches in the town of Parkse in Champassak and at an as yet unspecified town in Savannakhet province.

The Laotian economy grew at a robust 7.4 percent in 2007 and 2008 growth is expected at seven percent.

Kengchai Sixannon, first secretary at the Laotian embassy in Phnom Penh, said the government hopes to see 7.5 growth over five years.

MOST VIEWED

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • Defence Ministry denies weapons in smuggling case came from Cambodia

    After a Thai national was arrested last week for allegedly smuggling guns from Cambodia to Thailand, Cambodia's Defence Ministry has claimed the weapons seized during the arrest are not used in Cambodia, despite the fact that both types of rifle seized are commonly found in

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the

  • Stock photo agencies cash in on Khmer Rouge tragedy
    Stock-photo companies selling images from S-21 raises ethics concerns

    A woman with short-cropped hair stares directly into the camera, her head cocked slightly to the side. On her lap is a sleeping infant just barely in the frame. The woman was the wife of a Khmer Rouge officer who fell out of favour, and