Logo of Phnom Penh Post newspaper Phnom Penh Post - Acleda makes move on Laos market

Acleda makes move on Laos market

Acleda makes move on Laos market

Acleda Bank Plc became the first Cambodian commercial bank to operate in a foreign country when it established operations in Laos on July 8. Acleda president and CEO In Channy said on July 7 before leaving for Vientiane for the opening of Acleda Bank (Lao) Ltd that the move had the full support of the Lao government. Channy said $10 million had been invested in Acleda Bank (Lao), which has its headquarters in Vientiane and branches in the southern cities of Savannakhet and Pakse. The bank employs ten Cambodians and about 80 Lao, many of whom received training at Acleda’s Phnom Penh headquarters in preparation for the opening. Acleda vice president Vann Tho said it was studying the possibility of making China the target of its next overseas venture, followed by Vietnam.

“Our aim to reach people everywhere who need financing,” said Tho. Acleda’s venture in Laos has the support of the National Bank of Cambodia, vice governor Neav Chanthana said on July 7. The NBC had encouraged Cambodian banks to establish operations overseas and Acleda was the first to do so, she said.

MOST VIEWED

  • Seven positive for Covid-19, Hun Sen confirms local transmission

    Prime Minister Hun Sen announced that there has been local community transmission of Covid-19. However, he urged the people not to panic even though the Ministry of Health announced the discovery of seven new cases on Sunday. Among the victims are Chhem Savuth, the director-general

  • Without shoes or a helmet, a young cyclist steals the show

    Pech Theara gripped the curved handlebars of his rusty old bike, planted his bare feet on its pedals and stormed as fast as he could towards the finish line. The odds were against him as the 13-year-old faced off against kids with nicer bikes at

  • Phnom Penh-Sihanoukville expressway on schedule

    The construction of the more than $1.9 billion Phnom Penh-Sihanoukville Expressway has not been delayed despite the Covid-19 pandemic, with more than 26 per cent of the project completed and expected to finish in about two years, according to Ministry of Public Works and Transport secretary of

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there