ACLEDA Bank plans to open a new branch and two more service posts in Laos by the end of this year, Yin Virak, a vice president and the head of international cooperation, said Monday.

ACLEDA Bank’s Laos subsidiary operates a headquarters in the capital, Vientiane, three branches and five service posts.

Yin Virak said the bank had already received the licences and would open the two service posts in Vientiane – one in October and the other in November. The new branch would be opened in Khammouan province, in central Laos, in November.

“The expansion is part of our planned strategy to meet the financial needs of Laos, and our expansion will cover Laos nationwide soon,” he said.

Strong growth in Laos

Deposits in ACLEDA’s Laos subsidiary had more than doubled since the end of June, and new loans had also grown rapidly due to the bank’s promotion effort and the expansion of branches, Yin Virak said.

ACLEDA figures show 4,958 customers in Laos have now deposited a total of $8.4 million at the bank, up from 3,224 customers and $3.9 million worth of deposits at the end of June.

Lending at the bank’s Laos institutions increased from $5.5 million disbursed to 1,498 customers to $8.2 million extended to 2,516 borrowers as of the end of June.

ACLEDA, Cambodia’s largest bank in terms of deposits at the end of 2008, according to figures from the National Bank of Cambodia, opened its first overseas subsidiary in Laos in July last year.