ACLEDA Bank Lao Ltd opened a second service unit in Xaythany district, Vientiane, on Friday, which becomes the bank's 21st outlet in Laos
According to a press release yesterday, the bank said it plans to open another service unit on February 16 in Pasomxay village of Phin district, in Savannakhet province.
The bank also said a service unit would open in Phonsavang village, Chanthabouly district, Vientiane, later this year and another in Attapeu province by the end of this year or early next year.
By the end of the first quarter of 2012 the bank expects to have 23 outlets in Laos in total. It has an annual budget of US$2 million which it will spend on improvements and expansion projects.
The bank also said that in view of the growth in client numbers, in addition to the 15 ATMs it currently has in service, an additional 15 ATMs will be installed in Vientiane and in some of the provinces this year.
By the end of this year or next year ACLEDA intends to open outlets in Vangvieng district, Vientiane province, and in Luang Prabang and other provinces.
The bank also said it had seen a rise in the number of deposit account holders. At the end of 2011 it had 15,305 deposit accounts holding about 244 billion kip (US$30,385,616 million), which was about 152 billion kip (US$19 million) more than in 2010.
ACLEDA was the first Cambodia-based commercial bank to operate in Laos. It was established as a limited liability company with total registered capital of 100 billion kip and is licensed to operate as a commercial bank.
In accordance with the Bank of the Lao PDR's directives that all commercial banks need to increase their minimum registered capital, this year ALCLEDA expects to increase its capital to 300 billion kip.
Its shareholders comprise ACLEDA Bank Plc (Cambodia), International Finance Corporation (World Bank Group) and the Netherlands' Development Finance Company, Triodos-Doen and Triodos Fair Share Fund.
