The opening ceremony of the Phongsavanh Bank service unit in Khammuan province.

Phongsavanh Bank opens two new service units

Phongsavanh Bank has opened service units in Khammuan and Luang Namtha provinces to improve services for customers and enable easier access by local communities. The grand opening of the units was held in the provinces last week on March 9. The service unit in Khammuan is located in Thakhaek Neua village, Thakhaek district, and the unit in Luang Namtha is located in Viengkham village, Luang Namtha district.

The opening ceremony of the service unit in Khammuan province was attended by the provincial governor, Mr Vanxay Fongsavanh, the district governor, Mr Keovilay Xayabouth, Deputy Head of the central region of the central bank in Savannakhet province, Mr Soulisack Homphothichak, the Chief Administrative Officer of Phongsavanh Bank, Mr Southideth Nalyvan, and the President of the local branch of the Women’s Union of the Phongsavanh Group, Ms Savanphone Phongsavanh.
The opening ceremony of the service unit in Luang Namtha province was attended by the Chief of Operating Officer, Mr Saynavinh Desakhamphou, Financial Director, Ms Manola Louangkhot, the leading Head of Phongsavanh Bank in northern Laos, Mr Nathi Lamyai, Luang Namtha district governor, Mr Bounkhong Phimmasone, and representatives from the district information culture and tourism office, public security office, and local authorities.       
Phongsavanh Bank was authorised to be established in February 2007 by the Bank of the Lao PDR with an initial registered capital of US$10 million and officially opened a service unit in Vientiane on March 29, 2007.
Since then, the registered capital has increased frequently in proportion to the expansion of branches and service units.
Phongsavanh Bank’s vision is to expand its branches and service units nationwide and to establish Phongsavanh Bank as a leading bank in Laos and continue to raise the standards of the banking sector in the country.

The opening ceremony of the Phongsavanh Bank service unit in Luang Namtha province.

Over the 19 years since the establishment of Phongsavanh Bank, the bank has made continuous strides in developing its services to meet the needs of people of all ethnic groups.
So far, Phongsavanh Bank has expanded to four branches, Samsenthai, Savannakhet, Champassak and Bokeo, with one service centre, namely the Xaythany Service Centre, and other service units in the North, Central and Southern regions of Laos, totalling 56 service units, with more than 163 ATMs nationwide to serve customers.
The bank is open to serve customers seven days a week with some service units open from 8:30am to 8pm. The number of customers using these services has increased and business performance has been satisfactory every year.
In addition, the bank plans to open service units in many more locations around the country in the near future.
For the Khammuan and Luang Namtha service units, the bank has been promoting its services for some time and has received good support from local authorities and the Bank of the Lao PDR.

The bank has also received support from commercial banks in Vientiane, which has enabled service units to operate fund-raising smoothly and through many platforms, enabling many parents to understand the role and duties of banks in Laos.
And more than that, the bank has raised awareness among young people and students about the benefits of saving money to strengthen themselves and the country in the future.
In addition, it disseminates banking services and promotes the use of the Lao kip to strengthen and stabilise the national currency.
Phongsavanh Bank is a part of the Phongsavanh Group (PSVG), a well-known leading group of companies in Laos with successful pioneering enterprises in banking, insurance, petroleum trade and oil distribution, logistics, construction, bulk supplies, food and beverage, timber and telecommunication supplies. PSVG is also involved in the import and export of agricultural products both domestically and internationally.
PSVG has played great and significant roles in the economic growth story of Laos as well as various aspects of societal well-being of Laos. “Giving and Sharing” is the core concept that constitutes the mandate of PSVG.
The management team of PSVG believes this new collaboration reaffirms their commitment to further promote the development of the economy and support for the community in Laos.

By Advertorial Desk
 (Latest Update March 24, 2025)