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

  • Hun Sen ready to ‘break record’, says Rainsy lost

    Caretaker prime minister Hun Sen used a meeting with 18,400 factory workers on Wednesday to predict that he would beat the record for being the world’s longest-serving non-royal leader. He also used the platform to slam political opponent Sam Rainsy who he said had lost

  • Sihanoukville land prices skyrocketing amid breakneck development

    Sihanoukville, the Kingdom’s most famous beach destination for tourists, is seemingly becoming a paradise for Chinese investors as well. The huge influx of Chinese investors has caused property values to rise, especially the price of land, which has nearly doubled in some places near

  • US names new ambassador to Cambodia

    US President Donald Trump on Friday appointed W Patrick Murphy as the new US Ambassador to Cambodia, replacing incumbent William A Heidt. A press release posted on the White House’s website said nominee W Patrick Murphy is currently acting principal deputy assistant secretary at

  • Kingdom is at a crossroads between East, West after poll

    It was dubbed a success by caretaker prime minister Hun Sen after the electoral victory of his Cambodian People’s Party (CPP), which is poised to take all seats in the National Assembly. But the July 29 national election has not been positively looked at by