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.

Contact author: Kay Kimsong

MOST VIEWED

Tensions high ahead of historic Kun Khmer match up
The long-awaited November 5 matchup between Kun Khmer legend Prum Samnang and Myanmar-Canadian boxer Dave Leduc has become the most anticipated fight of the year. The Wurkz Sena Kun Khmer promotion, which will be held at the Town Arena at Chip Mong 271 Megamall, will see six
Manet: Cambodia safe for travel
Prime Minister Hun Manet acknowledged that Cambodia and China have cooperated to tackle internet scamming, fraud and other cross border crimes, but insisted that the “Kingdom of Wonders” is completely peaceful and safe. He welcomed tourists to come and explore its rich heritage. During a
Kep selected for ‘world-class’ 2.7km beach development
Kep province has been selected as the first site of a new coastal development initiative, with a “world-class” 2.7km beach planned for the near future. The Kep Provincial Administration met with the National Committee for Coastal Management and Development to discuss the development of the
UNESCO formally list Battambang gastronomy
Battambang, renowned for its cultural heritage, has achieved a significant milestone as the first Cambodian municipality to join the UNESCO Creative Cities Network (UCCN). The UCCN unites nearly 300 cities prioritising creativity and cultural industries in local development plans and international cooperation. On World Cities Day,
Angkor causeway symbol of Cambodia-Japan ties
In a historic moment marking another milestone in the 70-year-long diplomatic relations between Cambodia and Japan, King Norodom Sihamoni celebrated the formal inauguration of a causeway located to the west of the world-renowned Angkor Wat. While presiding over the November 4 ceremony, the King emphasised the
Cambodia pivots to solar, wind energy
Cambodia is planning a move towards solar and wind energy to meet its rising power demands, according to Minister of Mines and Energy Keo Rottanak. On the sidelines of the Singapore International Energy Week event held recently, Rottanak emphasised the urgency of diversifying Cambodia’s