Phongsavanh expands branches to three provinces

(KPL) A private bank “Phongsavanh” has expanded its branches to three provinces of Champassak, Saravane and Bokeo to support consumers’ services in the future.
This was according to ground-breaking ceremonies of branches construction took place in three provinces between 14 to 16 July.
A total investment of three Phongsavanh branches is about US$4 million. The construction is expected to be completed at the end of 2009 and early 2010.
Phongsavanh President Odd Phongsavanh said, “The expansion of three branches is to support the financial activities in the provinces”.
He believed the three of them will be able to mobilise local people and businesses to open accounts with the bank and the bank will release credit loans to the provincial socio-economic development.
The bank is to open its 17 branches and at least 50 service units within 2010, according to the plan of Phongsavanh Bank.
In addition, the bank will enlarge its branch to overseas.
Over the past one year, more than 40,000 deposit accounts have been opened with the bank which accounted for 170 billion kip. When comparing to the plan was surplus about 50 per cent and this year the bank plans to release 175 billion kip of credit loan.