ID :
61488
Wed, 05/20/2009 - 10:34
Auther :
Shortlink :
https://oananews.org//node/61488
The shortlink copeid
Frenco-Lao bank is newest bank in Vientiane
(KPL) Banque Pour Le Commerce Exterieur Lao (BCEL) and Bred Banque Populaire of Francais (French People’s Bank) spent USD 20 million to establish Lao-Frenco Bank or La Banque Franco-Lao in Laos.
BCEL forked out USD 9.2 million for a 46 per cent ownership of this bank and Bred Banque Populaire invested USD 10.8 million, giving her a majority stake of 54 per cent ownership.
The money will be used to ramp up the quality of service to customers and to buy banking technology systems.
The two bank investors are now scouting around for a suitable site to establish its presence and head office in Vientiane Capital and they hope to officially operate their banking services in the new premises before the end of this year.
After that the bank would establish branches in other provinces of Laos, Luang Prabang, Champassak and Savannakhet.
Director of Bred Banque Populaire, Mr. Yeves Jauquot said that he would like the Lao government, Lao people and BCEL to have confidence in his bank.
He also said that his bank was not in any way affected by the world’s banking turmoil, it has a reserve of Euro 247 million and with so much spare cash, he asserted his bank can invest even more money to Laos so that the cash would lift the economy of this country.
BCEL and Bred Banque Populaire of France signed an agreement to establish Lao-French Bank in Vientiane Capital on 18 May.
The two signatories were Vice-Director of BCEL, Mr. Onkeo Domlongboun and Director of Bred Banque Populaire of France, Mr. Yeves Jauquot.
Head of International Relations Department of the Bank of Lao PDR, Ms. Phasy Thammakone and Director of BCEL, Mr. Sonesay Sitphasay and other officials from the two sides witnessed this event.
BCEL forked out USD 9.2 million for a 46 per cent ownership of this bank and Bred Banque Populaire invested USD 10.8 million, giving her a majority stake of 54 per cent ownership.
The money will be used to ramp up the quality of service to customers and to buy banking technology systems.
The two bank investors are now scouting around for a suitable site to establish its presence and head office in Vientiane Capital and they hope to officially operate their banking services in the new premises before the end of this year.
After that the bank would establish branches in other provinces of Laos, Luang Prabang, Champassak and Savannakhet.
Director of Bred Banque Populaire, Mr. Yeves Jauquot said that he would like the Lao government, Lao people and BCEL to have confidence in his bank.
He also said that his bank was not in any way affected by the world’s banking turmoil, it has a reserve of Euro 247 million and with so much spare cash, he asserted his bank can invest even more money to Laos so that the cash would lift the economy of this country.
BCEL and Bred Banque Populaire of France signed an agreement to establish Lao-French Bank in Vientiane Capital on 18 May.
The two signatories were Vice-Director of BCEL, Mr. Onkeo Domlongboun and Director of Bred Banque Populaire of France, Mr. Yeves Jauquot.
Head of International Relations Department of the Bank of Lao PDR, Ms. Phasy Thammakone and Director of BCEL, Mr. Sonesay Sitphasay and other officials from the two sides witnessed this event.
