Illustrative image (Source: Sacombank)
 
Vientiane (VNA) – The Lao branch of Ho Chi Minh City-based Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank Laos) celebrated its 10th founding anniversary during a ceremony in Vientiane on December 12.

Speaking at the event, Chairman of the Sacombank Board of Directors Duong Cong Minh said the launch of the branch aimed to provide comprehensive financial solutions for Vietnamese and Lao individual and corporate clients.

He added that Sacombank Laos will continue expanding its network in major cities and provinces, contributing to developing the Lao financial and economic system.

Governor of the Bank of Laos Sonexay Sitphaxay lauded Sacombank Laos for its social activities and called for diversifying products and services to contribute to local socio-economic development.

As one of the leading commercial banks in Laos, Sacombank Laos now has one headquarter and four branches in Vientiane, Champasak and Savannakhet provinces.

As of November 30, 2018, Sacombank Laos recorded a total asset of 158.126 million USD, marking an 11-fold increase. Its total deposits surpassed 95.59 million USD, up 11 times, while outstanding loans rose 14-fold from a decade ago to 84.27 million USD.-VNA