Logo of Phnom Penh Post newspaper Phnom Penh Post - ACLEDA posts rise in loans, deposits in Laos

ACLEDA posts rise in loans, deposits in Laos

ACLEDA posts rise in loans, deposits in Laos

ACLEDA Bank has posted healthy first-quarter figures for its operations in Laos, a bank representative said Tuesday, with the Cambodian-owned bank recording large increases in both deposits and loans, defying the financial crisis.

  Now there are a lot of Laotians taking out loans from ACLEDA Bank.

Yin Virak, ACLEDA vice president and head of the bank's International Department, said the bank's loans had more than doubled from US$1.2 million to $3.32 million in Laos, while deposits were up 83 percent, rising from $1.5 million to $2.7 million in the last quarter. He added that the bank now had 2,034 depositors and 699 borrowers, which rose from 1,234 depositors and 253 borrowers at the end of last year.
"We have been successful due to our experience in Cambodia," he said Tuesday. "The success has ... relied on the support of the Laotian government, which has urged people to borrow money," he said.

Kengchai Sixannon, first secretary of the Laotian Embassy in Phnom Penh, said Tuesday that the presence of ACLEDA Bank was a clear sign of growth in the Laotian banking sector.

"Now there are a lot of Laotians taking out loans from ACLEDA Bank to enlarge their businesses, and it has also created more jobs for local people," he said.

Acleda launched its Laos operations in July 2008 with the establishment of a head office in Vientiane, followed by additional branches in Champassak and Savannakhet provinces. 

MOST VIEWED

  • Reuters: US Embassy fired 32 staff members for sharing pornography

    The United States Embassy in Phnom Penh has fired 32 non-diplomatic staff members who were allegedly caught exchanging pornographic images and video, including of minors, according to the news agency Reuters. Four sources, who spoke on condition of anonymity, told Reuters the content was shared in

  • Our 2018 guide to spending Khmer New Year in Phnom Penh

    Khmer New Year festivities are upon us. For the next few days, travellers will be making their way to their home provinces to eat, celebrate, play traditional games and visit a pagoda with offerings. If you will be staying put in Phnom Penh for the

  • 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

  • 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