ASEAN KEY DESTINATIONS
French bank opens in Laos
The grand opening ceremony was attended by Deputy Governor of the bank of the Lao PDR, Mr Bounsong Sommalavong, French ambassador to Laos, Mr. Francois Senemaud and a number of city's business community.
The Banque Franco-Lao Ltd (BFL) became the first European-Lao joint venture in banking in the Lao PDR with the inauguration of its early 20th century Champs-Elysees style headquarters on Lane Xang Avenue.
"The new bank was a 54 percent-46 percent a joint venture between the Cofibred, the overseas investment arm of France's second largest banking group, and BCEL the biggest commercial bank in the Lao PDR" Managing Director, Mr. Guillaume Perdon said.
He added that the bank planned at least three more branches or service unit in Vientiane. Branches will also be planned in Pakse, Savanakhet and Luang Prabang provinces.
"At the start, the bank would offer customers all range of products, ranging from simple savings accounts to long-term investment planners designed for Corporate, Institution, SMEs, and individual clienteles". Mr. Perdon said.
Mr. Onekeo Damlongboun, the Chairperson of the Board of Directors of the bank and representative of the BCEL, said "the opening of the banking and financial and financial sector had coincided with BCEL's plans to expand internationally. When the possibility of collaborating with a European banking group of such pedigree was broached, the BCEL found the offer attractive. He felt that both parties had much to gain from the joint venture and the synergy created from this collaboration would also benefit the banking industry as a whole".
Mr. Yves Jacquot, Chief Executive Officer of Cofibred and Vice-Chairperson of Banque Franco-Lao Ltd., informed that the Cofibred was the wholly-owned overseas investment and subsidiaries arm of Bred Banque Populaire which was part of the BPCE, France's second largest banking group.
Start initially by small entrepreneurs to finance their business activities, this BRED-Banque Populaire with more than 116.000 thousand cooperative shareholders had remained faithful to its founding spirit of entrepreneurs, by entrepreneurs and for entrepreneurs.
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