March 20, 2018

Chinese bank, already largest foreign bank in Laos, aims do to more

Original Title:  ICBC Vientiane eyes to become leading bank in Laos
By:  Xinhua News, March 16, 2018

VIENTIANE - Established in 2011, the Industrial and Commercial Bank of China (ICBC) Vientiane Branch aims to become a leading commercial bank in Laos and offer the best banking services in the country in the coming years.

Lu Jian, general manager of ICBC Vientiane, told Xinhua on Friday that the bank's board of management and representatives from its customers had gathered to discuss essential areas of improvement for the bank's future upgrades in terms of modern banking services.

Lu Jian, co-chaired the meeting on Thursday along with Director General of the Bank Supervision Department of the Bank of the Lao PDR, Phoutthaxay Sivilay.

In his opening remarks, Phoutthaxay said the bank performs an impressive task in Laos and has experienced constant growth in business operations over past years.

"The presence and business operation in Laos of ICBC is significantly helpful in boosting business connections between Laos and China," local daily Vientiane Times quoted him as saying.

The bank strives to become a bridge and a hub for economic and financial exchange between China and Laos, and to play an essential role in serving economic and trade exchanges between China and Laos, said Liu.

The bank also attached importance to local human resources development and has 90 employees of whom 80 percent are Lao, while also provides regular training for its Lao staff.

The total assets of ICBC Vientiane Branch have exceeded $2.2 billion, making it the largest foreign bank in Laos, according to a report by the bank in 2017.

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