LDB inks strategic partnership with Nayobay Bank

	Governor of the Bank of the Lao PDR Mr Sonexay Sitphaxay gives a speech at the agreement signing ceremony.

The Lao Development Bank (LDB) on Friday signed a strategic partnership cooperation on banking services with Nayobay Bank, with the aim of providing more convenient services in the provision of loans to improve people’s livelihoods.
The agreement was signed by LDB’s Deputy Managing Director Mr Viengkham Vansilalom and Deputy Managing Director of Nayobay Bank Mr Souphot Sokpavath, while the Governor of the Bank of the Lao PDR Mr Sonexay Sitphaxay witnessed the signing ceremony alongside the President of LDB Executive Committee Mr Chanthanome Phommany, Managing Director of Nayobay Bank Mr Voutthi Leuanvilayvong and senior banking officials from the two parties.
The agreement will enable the two banks to jointly offer banking services to their customers while also improving people’s livelihoods through the provision of loans by Nayobay Bank.
The partnership will also include the growth of all-around banking services to customers in every area of the Lao Development Bank.
Speaking at the signing ceremony, Mr Sonexay said the agreement was crucial for the future improvement of banking services. He also congratulated LDB on making a profit over the first six months of this year.

Deputy Managing Director of the Lao Development Bank Mr Viengkham Vansilalom (left) and Deputy Managing Director of Nayobay Bank Mr Souphot Sokpavath (right) display signed agreements.	Senior banking officials and invited guests witness the ceremony.

“With the bank’s milestone achievement, bank staff will have to work harder in carrying out their duties in line with the laws and regulations,” he said.
He also stressed that bank employees must have the requisite skills and good moral values so that the bank’s shareholders were confident about their investment.
“I encourage everyone to work harder and shoulder more responsibility, to pave the way for more achievements in the years ahead. This will raise the profile of LDB and its partners so that they become trusted and have recognisable and successful goals,” Mr Sonexay said.
The government-funded Nayobay Bank operates under the guidelines of the Party and government with a focus on poverty reduction.
It provides loans for the poorest people, especially those living in traditionally poor districts, so they can obtain capital and build a small business.
Most loans go to businesses in the agriculture and forestry sector, small-scale industry, handicrafts and services, and carry a low-interest rate.
The two banks agreed to partner with each other to enhance banking services in relation to deposit and withdrawal transactions, ATMs, and mobile banking and applications.
The Lao Development Bank hopes to continue its support for Nayobay Bank so that more funds can be disbursed to people in need, as part of the government’s policy to maintain the soundness and sustainability of social and economic development.

By Advertorial Desk
(Latest Update November 29, 2021)