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Chinese bank's Vientiane branch tops Lao commercial banks

Xinhua, August 23, 2016 Adjust font size:

ndustrial and Commercial Bank of China Limited (ICBC) Vientiane Branch has become the largest commercial bank in Laos with most local asset scale, an ICBC official told Xinhua on Tuesday.

The latest statistics from Lao central bank shows that till the end of June, 2016, ICBC Vientiane surpassed local commercial bank BCEL in overall asset scale, hence becoming the largest among the 42 banking institutions operating in the country. This is the first time in Lao banking history that a foreign bank tops the list in asset scale.

ICBC Vientiane Branch official told Xinhua on Tuesday, till the end of June, the Branch holds 4.16 billion U.S. dollars asset, while the runner-up BCEL holds 3.36 billion U.S. dollars, according to statistics.

ICBC Limited Vientiane Branch was officially established in November 2011. The Branch was approved by Lao government to become Laos' only clearing bank for Chinese yuan in June, 2012.

Since 2013, it becomes the second largest commercial bank in Laos.

ICBC Vientiane Branch has been devoted to promoting localization. The branch actively supported Asian-European Summit 2013 held in Vientiane with its project loans.

"As a Chinese bank, becoming the top commercial bank with largest asset scale in Laos is a honor, but also a responsibility," Lu Jian, General Manager of ICBC Vientiane Branch, told Xinhua.

"Our bank will continue to actively support local financing needs, to provide a series of comprehensive, excellent and express financial services to corporate and individual customers, strive to promote local development, to act as a bridge and a hub for economic and financial exchange between China and Laos, and play a necessary role in serving economic and trade exchanges between China and Laos."

Lu reaffirmed that ICBC Vientiane Branch will observe the local rule on supervision strictly, will continue to provide high quality credits and financial services.

"We will make our utmost efforts to gain trust from local customers, to win the recognition from local society by participating the economic and social development in Laos," said the general manager. Endit