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Cambodian bank Acleda drives into Laos


July 28, 2008

Cambodian bank Acleda drives into Laos

Acleda Bank Plc became the first Cambodian commercial bank to operate in a foreign country when it established operations in Laos early July, reported local newspaper Phnom Penh Post.

The paper quoted Acleda President and CEO In Channy as saying that the move had the full support of the Lao government. Channy, who later left for Vientiane, Laos for the opening of Acleda Bank (Lao) Ltd, said $10 million had been invested in the bank, which has its headquarters in Vientiane and branches in the southern cities of Savannakhet and Pakse.

The bank employs ten Cambodians and about 80 Lao, many of whom received training at Acleda’s Phnom Penh headquarters in preparation for the opening. Acleda vice president Vann Tho said it was studying the possibility of making China the target of its next overseas venture, followed by Vietnam.

Acleda’s venture in Laos has the support of the National Bank of Cambodia, according to the central bank’s vice governor Neav Chanthana. The NBC had encouraged Cambodian banks to establish operations overseas and Acleda was the first to do so, she said.

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