Delegates cut the ribbon to inaugurate a branch of the HCM City-based Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank Laos) yesterday in Dao Heuang market, Lao. — Photo vfpress.vn

VIENTIANE (Biz Hub) – The Lao branch of the HCM City-based Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank Laos) inaugurated a branch today in Dao Heuang market – the largest trade centre in Pakse township, the Lao province of Champasak, as part of efforts to become the leading retail lender in the country.

Speaking at the ceremony, General Director of Sacombank Laos Pham Quang Phu said since opening in Laos in 2008 with a total registered capital of $12 million, the bank had raised its chartered capital to $39 million. As of May 31, Sacombank Laos booked assets worth $121.6 million and served more than 3,100 corporate and individual clients, he said.

The inauguration of Champasak branch reflects Sacombank Laos's determination to do long-term business in the country and open branches in all cities and provinces, he said.

In his speech, Secretary and Governor of Champasak province Bounthong Divisay confidently stated that the Sacombank Laos branch would help improve the lives of southern Lao people, and pledged his strong support for the branch as a business model in the province.

On the occasion, Sacombank Laos presented $5,000 to a fund for disadvantaged people in Champasak and a similar amount to the Association of Overseas Vietnamese in Pakse to support victims of the Dao Heuang market fire in May.— VNS