Integrated businesses supporting Lao PDR

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.

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 Construction (PAC) Co., Ltd.
• Khouanchay Trading Import-Export Co., Ltd.
• Phongsavanh Bank Ltd.
• Vientiane Mineral Mining Co., Ltd.
• Petroleum Trading Lao Public Company
• Lao Central Airlines Public Company
• Sithi Inter Trading Import-Export Co., Ltd.
• Moly Care, franchise business
• Black Canyon Lao, franchise business
• Lao Daily Mart Import-Export Co., Ltd.
• Sitthi Logistics Lao Co., Ltd.
• Well Tech Lao Co., Ltd.
• APA Insurance Co., Ltd.
• Sithi Logistics (Thailand) Co., Ltd.
• Jungle Café Lao, franchise business
• AMA Monetary Advisory Sole Co.,Ltd

Phongsavanh Bank Limited

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:

• The bank has been accredited with the international standard of ISO 9001:2015 for banking operations on 03 February 2018 from Transpacific Certifications Limited Company.
• Expansion of Branches, Service Center an Service Units – we currently have more than 40 branches, service centers and service units, throughout the country and an international representative office in Thailand. We are the only one bank in Laos providing service for 7 days a week and 24 hours a day with ATMs and POS merchants.
• Provision of convenient banking card service with ATMs and POS terminals for card holders, with Visa Card, Master Card, JCB, UPI
• Provision of services on foreign currency exchange, deposit, loan, letter of credit, domestic and international remittance in Lao Kip, Thai Baht, US dollar, Chinese Yuan.

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.

• Quality Summit, New York 2010 for Gold Award for Excellence and Business Prestige on 31 May 2010
• Quality Award, Paris 2011 for Gold Award for Leadership in Excellence and Quality in Accordance with QC100 Criteria Prestige
• Belgium for European Award for the Best Practices 2011
• Rome Italy for The BIZZ 2011 Reaching The Stars
• Europe Business Assembly, Oxford, United Kingdom for Best Enterprise 2012 on 26 October 2012
• Dubai for Majestic Falcon Award for Quality & Excellence Prize 2016
• Berlin, Germany for ESQR’s Quality Choice Prize 2016 on 12 December 2016
• Oxford, England for Best Enterprise Award 2016 on 20 December 2016

Motivation on the establishment of Phongsavanh Bank Limited

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.

Vision and mission

Type of Service

• Loan: for corporate, medium and small enterprises, and personal loan
• ATMs, POS, credit cards: Visa, Master, JCB &UPI
• Deposit: Saving Account, Personal Account, Current Account, Cash Management Account, Premium Account, Fixed Deposit Account, Deposit (interest paid by month)
• Services for foreign businesses: Letter of Bank Guarantee, Letter of Credit, domestic and international remittance and quick money transfer to foreign countries by Western Union
• Foreign currency exchange

Some highlights of the bank development

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.