The Saigon Thuong Tin Commercial Joint Stock Bank in Laos (Sacombank Laos) inaugurated a branch in the Lao central province of Savannakhet on September 29.

Director General of Sacombank Laos Pham Quang Phu said the inauguration of the branch reaffirms the bank’s determination to do long-term business in the country and bring its modern products and services to Lao customers.

He said with an initial chartered capital of USD 12 million, Sacombank Laos has expanded its network to key areas in Laos such as Vientiane capital, Pakse city, and Champasak and Savannakhet provinces over the past nine years.

Overview of the inauguration (source: VNN)

As of August 31, 2017, the total assets of Sacombank Laos stood at USD 157 million and its pre-tax profit in the first eight months of this year reached USD 1 million, fulfilling 68 percent of the annual target, he noted.

Vice Governor of Savannakhet province Thonkeo Phoutthakaiyalard said the launch of Sacombank Laos’ branch in the province not only generates jobs for locals but also contributes to the local social-economic development in the coming years.

He said local authorities will create the best conditions for the branch to operate efficiently.

On this occasion, Sacombank Laos donated USD 6,000 to the province’s disaster mitigation fund./.

( VNF/VNN )