Cambodia’s Acleda Bank to expand in Laos, Myanmar

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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.



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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. 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
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Donation Total: $10.00

 

 

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