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.