Phongsavanh Bank, the Lao private bank entering the 17th year of quality financial services

Throughout the 17 years of pride that has been involved in the socio-economic development process of Laos along with the growth of bank customers in all sectors, to this day the Phongsavanh Bank remains a strong and stable financial institution that has always been trusted by Lao society.
Phongsavanh Bank is the first private commercial bank established in 2007 to meet the Party’s direction and government’s policy of opening up the economy, finance, trade and investment by promoting the potential of all sectors of the economy in socio-economic development and rural development related to the national poverty alleviation of Laos.
Over the years, Phongsavanh Bank has been a major financial institution in mobilising capital, providing loans, and being a leader in providing financial and banking services to large, medium and small businesses and retail customers, as well as the provision of credit

support to improve the lives of ordinary people, military personnel, and police throughout Laos.
With a commitment to conducting a quality banking business, transparency with ethics and a high level of responsibility in providing services in accordance with international standards, Phongsavanh Bank’s business has grown steadily and stably. The Bank has an average growth rate of 20.3 percent per annum in assets, 20-25 percent per annum in deposits, and 24.2 percent per annum in loans. In 2021, the bank had a net profit of 56.8 billion kip, which has been audited and certified by the international external audit firm PWC.
The Bank currently has all together 48 branches and service units throughout the country and a large customer base covering all sectors of the economy.
As a result of its past business operations, the Bank has been able to generate steady and stable annual profits, comply with strong tax obligations for the government as well as strengthening its financial position and gradually reaching an international standard in terms of good governance and services.
The key factors of the success of Phongsavanh Bank over the years are that the Bank’s business has been growing steadily and strongly; The Bank has a good management system in accordance with international standards; The Bank has a policy to keep customers as the centre in the continuous development of products and services, technology and new innovation; The Bank has a clear business expansion

strategy in line with the actual environment and the needs of customers periodically; and the most important factor is that the bank has a wide customer base in all sectors of the economy, which has a long relationship and trust in the bank’s products and services, enabling Phongsavanh Bank to expand its business strongly.
With the aim of developing quality products and services that can meet the growing financial needs of customers in new era, the Phongsavanh Bank emphasises the importance of selecting highly qualified staff and personnel with high level of experience in finance-banking in both Lao and foreign countries. It also has a plan to continuously train and develop its human resource to ensure high quality and safe service for its customers effectively and safely.
Strategic plan for the next years, Phongsavanh Bank will continue to adhere to its vision of being a leading bank in Laos and raise its standards comprehensively to provide excellent customer service and create conditions for growth with customers.
The Phongsavanh Bank Limited Managing Director, Mr Phaiboun Phongsavanh, said “We will carry on the mission of Phongsavanh Bank to strive to conduct good business with quality from generation to generation and to create new innovations by modern technology, including the development of secure digital banking services to meet the growing needs of customers as well as continuing to play an important role in the socio-economic development of Laos and strengthening the banking, financial and currency sectors in Laos in a sustainable manner forever.”

By Advertorial Desk
 (Latest Update June 6, 2022)