ACLEDA Bank Opens First New Branch in Laos
July 08, 2008
ACLEDA Bank, the largest Cambodian bank, is opening its first branch in neighboring Laos today.
This is the first time a Cambodian bank has officially started business operations internationally to include Laos and we plan to open three branches in this year, said Mr. In Channy, President & CEO of ACLEDA Bank. The total capital for opening these three new branches is US$10 million and employ 12 Cambodians and 80 Laotians.
We open our branches into foreign countries because we have been successful in our own country and we hope to benefit from the potential advantages by opening these branches because Laos' economic situation, culture, and good growth market are similar to that in Cambodia, he added.
ACLEDA Bank, currently holding capital of over US$50 million, is looking to open branches across the ASEAN and in other countries in the Greater Mekong Sub-region. Now our long-term plan is to transform ACLEDA Bank into a regional bank. We will continue to expand with branches in China and Vietnam, said Mr. In Channy. He regarded this expansion as a proud of Cambodia.
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