VO The first Taiwanese bank in Laos, Cathay United sets to support the rapid growth of the Lao economy INTRO: The first Taiwanese bank in Laos, Cathay United sets to support the rapid growth of the Lao economy by bringing more investors from Taiwan. The bank has the largest banking network among Taiwans private banks, however the overseas expansion was established worldwide STORY: On Tuesday saw the formal opening ceremony of Cathay United Bank in Vientiane, the leading bank based in Taiwan, aiming to contribute in this development period. The opening ceremony was witnessed by Governor of the Bank of the Lao PDR Dr Somphao Phaysith, Deputy Governor of the Bank of the Lao PDR, Vatthana Dalaloy and other senior banking officials. In his opening remarks, Chairman of Cathay United Bank Chen Tsui Pei said the presence of the bank signals the first Taiwanese bank in Laos and it is also set to support the rapid growth of the Lao economy by bringing more investors from Taiwan. He said, the bank has the largest banking network among Taiwans private banks, however the overseas expansion was established worldwide, including in America, Mainland China, Hong Kong and some Asean countries Dr Somphao Phaysith said the presence of Cathay United Bank in Laos is on right track due to the countrys economic environment adding that, this was a significant moment for commercial banking competition in Laos as the bank will serve as a bridge for bringing investors from Taiwan to Laos. It is said that, the Lao economy has experienced robust growth in the recent years and the rate of economic growth was above 8 percent Laos, which is higher than mainland China and Taiwan. Laos is widely witnessed by investors all over the world after the country has become a member of the World Trade Organisation in early 2013,” the Chairman of Cathay United Bank, disclosed saying that the inauguration of the bank represents a strong interest in the Lao market. Laos has a total of 37 commercial banks, making it much easier for access to financial services
Posted on: Tue, 23 Dec 2014 07:58:05 +0000
Trending Topics
Recently Viewed Topics
© 2015