New Maybank branch opens in Vientiane to spur economic growth
VIENTIANE - Many foreign banks are now launching banking services in Laos as they believe the country is one of the strongest performing economies in the region and attracting an increasing number of foreign investors.
The opening of a second branch of Maybank at Nongduang village in Sikhottabong district yesterday aimed to serve the needs of the local community as well as customers from across the region having trade and investment links in the country.
Speaking at the opening ceremony of the Maybank Nongduang Branch, Deputy Governor of the Bank of the Lao PDR Vatthana Dalaloy said the new branch would attract more Malaysian companies to invest in Laos in the years ahead.
“In 2012, the first branch of Maybank opened in Laos and was successful, enjoying an increase in assets and capital, so the opening of a second branch will enable the banking sector in Laos to supply the needs of customers in providing funds,” she said.
Vatthana said the new branch would also serve to boost trade between Laos and Malaysia in the years to come.
Chairman of Maybank Tan Sri Dato' Megat Zaharuddin Megat Mohd Nor, Maybank International CEO Pollie Sim, and the Ambassador of Malaysia to Laos Dr Than Tai Hing were present at the opening ceremony along with other invited guests.
According to a senior Maybank official, the newly-opened branch will further strengthen Maybank's presence in the Indochina region and enhance its ability to meet the banking needs of customers, particularly the growing investor base.
Last year, the Lao economy saw strong inflows of foreign investment projects amounting to over US$1.26 billion, mainly in the hydropower and transportation sectors.
Meanwhile Maybank anticipates that this newly-opened branch will boost the growth in loans and deposits by over 70 percent and 100 percent respectively by the end of this year and also support the increasing trade between Asean and L aos.
Two years ago, Malaysia was ranked the ninth largest foreign investor in Laos with projects worth more than US$382.2 million. However, the latest update of investment projects operated by Malaysian investors has not yet been released.
The establishment of the Asean Economic Community (AEC) last year offers great potential for the development of the Lao economy as many investors from Asean countries are seeking ways to boost their support for Laos as one of the region's fastest expanding economies.
