Phongsavanh Bank was licensed by the Central Bank on 27 February 2007 with registered capital of USD10 million, plus a security fund of USD 2.5 million. It became operational on 29 March 2007 and increased its registered capital to USD19.99 million the following year.
The bank was established to follow its founder's intention of providing a domestic financial institute which would be accessible to people from all walks of life - be they farmers, the general public, small-scale businessmen, or executives from multinational corporations. It had the goal of enhancing public understanding of banking systems and related financial transactions; concomitantly this would contribute to improved quality of life, small-scale business promotion, and attracting both local and foreign investment.
visit website: www.phongsavanhbank.com