Cambodia’s Acleda Bank to expand in Laos, Myanmar

by -
1459
Reading Time: 2 minutes

ACLEDA_bank_headquartersCambodia’s Acleda Bank, one of the country’s largest, said it plans to expand in Laos and Myanmar as operations there performed well in 2013, a senior executive was quoted as saying by the The Phnom Penh Post.

In Channy, CEO of Acleda, said that loans from the Myanmar-based microfinance arm of the bank reached $2.6 million at the end of 2013, more than the $1.8 million forecast when the institution was established in March 2013.

“We see the business has great potential for both countries, so we are expanding our operations,” Channy said. “Myanmar is gradually opening its economy and demand for financial services is increasing,” he added, referring to lauded economic reforms that have taken place since 2011 when President Thein Sein entered office.

Acleda’s Microfinance Myanmar (AMM) started with a paid-up capital of $10 million. By the end of 2013, there were six branches with total loans outstanding of $2.6 million. The bank has offices in Yangon and Bago, though the operations are limited to microfinance, as Acleda has not yet opened a commercial bank branch in the country. By the end of 2014, Acleda will have 18 AMM branches in Myanmar, with $11 million in outstanding loans, Channy said.

Acleda’s operations in Laos are more advanced, with 41 commercial branches and 45 ATMs spread out across provinces and cities. Established in 2008, Acleda Bank Laos (ABL) had 16,711 active borrowing customers by the end of 2013, with loans outstanding totaling $88.6 million, up from $65.6 million in 2012. Savings and deposits stood at $71.7 million last year, compared to 2012’s total of $52.5 million. Channy expects growth across the board in Laos. In 2014, ABL plans to add four more branches.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 2 minutes

Cambodia’s Acleda Bank, one of the country’s largest, said it plans to expand in Laos and Myanmar as operations there performed well in 2013, a senior executive was quoted as saying by the The Phnom Penh Post.

Reading Time: 2 minutes

ACLEDA_bank_headquartersCambodia’s Acleda Bank, one of the country’s largest, said it plans to expand in Laos and Myanmar as operations there performed well in 2013, a senior executive was quoted as saying by the The Phnom Penh Post.

In Channy, CEO of Acleda, said that loans from the Myanmar-based microfinance arm of the bank reached $2.6 million at the end of 2013, more than the $1.8 million forecast when the institution was established in March 2013.

“We see the business has great potential for both countries, so we are expanding our operations,” Channy said. “Myanmar is gradually opening its economy and demand for financial services is increasing,” he added, referring to lauded economic reforms that have taken place since 2011 when President Thein Sein entered office.

Acleda’s Microfinance Myanmar (AMM) started with a paid-up capital of $10 million. By the end of 2013, there were six branches with total loans outstanding of $2.6 million. The bank has offices in Yangon and Bago, though the operations are limited to microfinance, as Acleda has not yet opened a commercial bank branch in the country. By the end of 2014, Acleda will have 18 AMM branches in Myanmar, with $11 million in outstanding loans, Channy said.

Acleda’s operations in Laos are more advanced, with 41 commercial branches and 45 ATMs spread out across provinces and cities. Established in 2008, Acleda Bank Laos (ABL) had 16,711 active borrowing customers by the end of 2013, with loans outstanding totaling $88.6 million, up from $65.6 million in 2012. Savings and deposits stood at $71.7 million last year, compared to 2012’s total of $52.5 million. Channy expects growth across the board in Laos. In 2014, ABL plans to add four more branches.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid