Lao Bullion Bank opens for service

The first financial institution in Laos to offer gold-based finance services based on the physical transaction of a commodity, namely the Lao Bullion Bank, held a grand opening event on Tuesday at its headquarters in Phonsay village, Xaysettha district, Vientiane.

Prime Minister Sonexay Siphandone strikes a gong to open the Lao Bullion Bank in Vientiane.

The ceremony was attended by Prime Minister Sonexay Siphandone; Minister of Finance, Mr Santiphab Phomvihane; Acting Governor of the Bank of the Lao PDR, Ms Vattana Dalaloy; the bank’s management board; government officials, business partners and employees.
The official opening ceremony was seen an important step in fulfilling the Lao Party and government’s desire to have such a bank in Laos.
The main objective of the bank is to ensure stability and strengthen financial and fiscal liquidity, in order to maintain the value of the kip at a stable level. 
It will also support efforts to raise the standards of Lao industry to international levels, add value to resources to secure the greatest value and benefits, and help create economic stability so that Laos can achieve prosperity and develop in a secure, sustainable and orderly manner.
Speaking at the event, the Managing Director of the Lao Bullion Bank, Dr Chanthone Sitthixay, said “The official launch of the bank’s services demonstrates the strong solidarity between the Lao government and the people in focusing wisdom on solving the economic and financial difficulties that our country is facing, aiming to gradually alleviate and fully resolve them.”
To ensure acceptable and professional services, the Lao Bullion Bank is partnering with government bodies such as the Ministry of Finance and the Bank of the Lao PDR, along with strategic trade partners in Laos and other countries, commercial banks, other financial institutions, and precious metal businesses, Mr Chanthone said.

Dr Sonexay Siphandone (centre) visits the valuation room in the gold vault of the Lao Bullion Bank.

Whether in terms of management, administration, tools or equipment, it is essential to ensure that the bank operates in line with internationally accepted standards, he added.

Dr Chanthone Sitthixay (centre) signs business and strategic cooperation agreements with representatives of commercial banks.

The bank stands ready to provide a wide range of products and services that are easily accessible to the Lao people. These include gold deposit accounts, gold credit, and gold deposit certificates that can be used as collateral.
Gold can be deposited in secure storage rooms and high-security vaults, together with other valuables, while automatic vaults and other services can also be provided by the bank, Dr Chanthone said.

Mr Saleumxay Kommasith (centre) joins other officials at a ceremony to open the Lao Bullion Bank.

The bank can also provide a variety of other products such as international gold trading on digital platforms, gold refining, and the valuation of gold ore that has not yet been mined but has the potential to be an added asset for the government by bolstering the nation’s gold reserves.
Following the grand opening ceremony at the Lao Bullion Bank’s headquarters, further celebrations took place at the Landmark Riverside Hotel, attended by Deputy Prime Minister Saleumxay Kommasith, government officials, diplomats, members of international organisations, business partners, commercial bank representatives, and customers, along with domestic and foreign business operators.        
On the same occasion, Dr Chanthone, representing the bank, signed business and strategic cooperation agreements with commercial banks, financial institutions and precious metals businesses on cooperation in the development of the bank, so that it becomes an important contributor to Laos’ continued growth.
Ms Vattana said the Lao Bullion Bank will be an integral part of Laos’ monetary and fiscal management system and contribute to the stability of the country’s financial system and overall socio-economic development.
She pledged that the bank’s services will be efficient and transparent and will enjoy strong growth that supports Laos’ all-round development.

By Advertorial Desk
 (Latest Update December 6, 2024)