Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) – Laos Branch in Vientiane opened its doors on 12 December 2008. This is a new milestone as the first Vietnamese bank to set up in Laos.
The financial strength and management of Sacombank Laos Branch, under the guidance of Sacombank Vietnam, has enabled the offering of modern banking products and services. It offers not only the usual consumer loans, business loans, guarantee, deposits, and international remittance but also provides special services such as the 1-hour Vietnam-Laos rapid remittance at reasonable fee and simple procedures. In the three years of operations, Sacombank – Laos Branch has provided Vietnamese enterprises, investors and residents in Laos with products and services that linked both nations. It allows SMEs to borrow at reasonable interest rates and loans can be extended to a maximum of five years. Newsflash:
1. Sacombank – Laos Branch has just increased interest rates for USD deposits. This increase is applied for all deposit terms starting from three months. Customers who open new accounts at Sacombank – Laos Branch will also receive attractive gifts. The promotion stops when all gifts are given.
2. According to the official notice of the State Bank of Laos No 815/QLNN dated 30 August 2011, the bank is allowed to sell unlimited quantity of foreign currency. Customers are not required to produce official letters for foreign currency trading until September 2011.
Based on the social, economic and financial analysis and the openness of trade policy of Laos, Sacombank can become the best performing foreign bank in Laos. Currently, Sacombank is building a new head office in central business district of Vientiane.
Sacombank- Laos Branch is expected to complete the procedures to convert into a 100% foreign-owned bank in Laos, operating as a fully-owned subsidiary of Sacombank Vietnam.
Sacombank – Laos Branch continues to focus on the retail market segment, opening new transaction offices in the south, namely Sanvanakhet, Champasak and Khammuon, as long-term business strategy.Instead Thanks 2011