Indochina Bank celebrates first anniversary

The Indochina Bank held a ceremony to celebrate its first anniversary of operations in Laos on Saturday.

The event at Lao-ITECC was attended by Governor of the Bank of the Lao PDR, Mr Phouphet Khamphounvong, Chairman of Indochina Bank, Mr Oh Sei Young, Indochina Bank Managing Director, Mr Tay Hong Heng, and bank staff and valued customers.

Mr Tay Hong Heng said Indochina Bank was officially opened in Laos on February 6 last year with registered capital of 130.8 billion kip.

The shareholders comprise the Kolao Group, Public Official Benefit Association of Korea and the Military Mutual Aid Association of Korea.

With support provided by the Kolao Group of companies in Laos , coupled with the strong financial backing of the two Korean organisations, having combined assets of more than US$11 billion, Indochina Bank will embark on an expansion programme with the opening of branches and service units, subject to the approval of the relevant authorities, according to the bank.

In addition, more ATMs have been planned for installation while new and innovative products will be launched in the near future.

“At Indochina Bank, we pride ourselves on the concept of excellent banking, which introduces the highest deposit interest rates, the lowest service fees and also added insurance protection for customers,” Mr Tay said.

“Our staff are professionally trained to ensure that we maintain the highest standard of service for our customers.”

He said the bank has been very successful in its first year of operation. As at December 31 last year the bank had about 5,800 deposit accounts worth a total of 314 billion kip.

“This is an excellent result in just 10 months. In the same period we provided 279 billion kip of loans to all levels of businesses ranging from individuals to corporate financing,” Mr Tay said.

He said the bank's assets for the year ending 2009 stood at 447 billion kip and continue to grow.

These figures indicate the bank, within a short span of less than one year, has been able to surge ahead and outperform many of its peers in the banking industry, said Mr Tay.

“While we engage ourselves in the banking business, the bank does not forget about the community it serves.”

“We have supported community projects including providing 400 million kip to assist victims of tropical storm Ketsana in conjunction with the Kolao Group.”

“We have also, on numerous occasions, donated food, school equipment, clothing, and cash to disadvantaged students, villagers and handicapped people. This all goes to show that the bank cares, and is a responsible corporate citizen. We will always be at the forefront of serving the less fortunate.”

“We shall continue our successes in the coming years by providing our customers with the highest rate of returns, lowest service fees and superior service. In short, we shall continue with our concept of excellent banking,” Mr Tay said.

At the event the bank presented lucky customers with prizes including rice cookers, microwave ovens, DVD players, refrigerators, TVs, and a motorbike.

Guests were also entertained by magician Mr Avery Chin from Malaysia .

By Phetsamone Chandara
(Latest Update February 9 , 2010)