For decades, the Phongsavanh Group has a long-standing ethos of giving back to the communities. Founded by Honorary Chairman of Phongsavanh Group, Prof Dr. Od Phongsavanh, we have established a reputation for high quality products and services of international standards. We have built trusts with our clients and partners over the years, through close collaborations and high ethical standards, and not forgetting being socially responsible towards the environment and society.
Established more than 40 years, the Phongsavanh Group is currently one of the most well-established and diversified conglomerates in Lao PDR with over 2,000 employees in order to serve the basic needs of everyday life. The Group started its business in wood industry in Savannakhet Province with the goal of deliverying quality construction materials to address the increasing demands for residences in Lao PDR and exporting to the countries of South-East Asian regions, such as: Thailand, Singapore, Vietnam, Cambodia and other countries.
At present, Phongsavanh Group subsequently has diversified into various business sectors throughout the countries which mainly have the head offices in Vientiane Capital. Those include:
Phongsavanh Bank is the first private commercial bank in Lao PDR, established since March 29, 2007. The main objective of the establishment is to contribute financially to the development of economy of Lao PDR is recognized as writing out a new chapter of the banking history of Laos, opened its doors to the general public. It offers modern and reliable integrated financial services to its clients, assured by ISO 9001:2015 accreditation in its banking operations.
The Founder has a vision for the bank – to be a domestic financial institution which would be accessible to people from all walks of life, be it retail customers, small and medium enterprises, and multinational companies.
Over the years, Phongsavanh Bank has built a strong reputation. Firstly, it helped to stabilize the local currency exchange rates by working with the Central Bank and thus, boosting cross-border businesses and investors’ confidence. Secondly, it simplified the banking procedures thereby improving the public’s confidence in the bank.
Phongsavanh Bank has the goal of enhancing public understanding of banking systems and related financial services. Concomitantly, this will contribute to improved quality of life, small-scale business promotion, and attracting both local and foreign investment.
Since a fast development for 11 years, comparing with other local banks, Phongsavanh Bank has become the well-known “leading bank” with the most rapid growth in Laos. The major achievements are as below:
Phongsavanh Bank has received many international awards from various organizations which is the pride of our bank. These awards motivate us to continue to reach a higher level of customer satisfaction.
Apart from personal dream, the Honorary Chairman Prof. Dr. Od Phongsavanh has 2 main motivations of the establishment of Phongsavanh Bank:
1. To be a supporter on the direction of the government to transform the country to be industrial country which utilizes high technology in the operations that is ready to host foreign investors where financial support is crucial in their businesses.
2. Due to having rich experiences in business cooperation in other countries, the founder has a strong intention to develop financial institution in Lao PDR to be modern and catch up with the world.
In March 04, 2008, Phongsavnh Bank signed the agreement on cooperation of cross-border payments with Rural Development Bank of Vietnam which is considered as a prominent steping stone for both Laos and Vietnam to facilitate businesses at Laobao and Dansavanh International Check-Point. cooperated in businessesby this signing is to accelerate the implementation of trade transactions between businesses sectors and merchants in the LaoBao areas and Dansavanh international trade check- point to be more effective. Moreover, it is an improvement of banking sector at international level in which both cooperated banks enable exchange of Lao Kip and Vietnamese Dong.
In July 2010, it is a new phenomenon of ASEAN when the Phongsavanh Bank Limited cooperated with Industrial and Commercial Bank of China to upgrade and change financial transaction system to be more convenient which bring more benefits to both users and the bank.
Phongsavanh Bank Limited was honored to be a member of 2 famous World card organizations (Visa Card in October 03, 2007 and Master Cared in August 03, 2009). We succeeded in acquiring the VISA and Master cards at the end of January 2010 and continued the project on issuing the cards which the project was successful officially in May 2011. We are the first bank in Lao PDR to be a card center.
In February 24, 2012, Phongsavanh Bank Limited signed a contract with Bangkok Bank (Public) Company Limited for ATM link in which customers of Phongsavanh Bank can withdraw and check the balance of the money at ATMs of the Bangkok Bank throughout Thailand.
In November 16, 2012, Phongsavanh Bank Limited signed a contract with JCB INTERNATIONAL (JCBI), company of Japan as an international settlement center to recieve and issue JCB cards in Lao PDR and Phongsavanh Bank Limited was the first bank in Lao PDR to provide the service in JCB cards.
In November 19, 2012, Phongsavanh Bank Limited has got a certification on standards of quality management system of ISO 9001:2008 form the Transpacific Certifications Company Limited. This certificate shows that the bank has a quality management system of international standards that provides better service ot customers and improve internal business management in order to gain more market share in the market and increase sales and services. In February 03, 2018, the bank has been accredited with the international standard of ISO 9001:2015 for banking operations from Transpacific Certifications Limited Company.