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ACLEDA Bank Lao Starts Operations

July 16, 2008

ACLEDA Bank Lao headquarters

Vientiane, July 08, 2008 — ACLEDA Bank Lao Ltd celebrates its headquarters at a 4-story building located on #372, corner of Dongpalane and Dongpaina road, Unit 21, Phonesavanh Neua village, Sisattanak district, Vientiane capital of Lao PDR. It was honored with the presence of Bank of the Lao PDR Governor, ambassadors and distinguished guests, ACLEDA Bank Plc managements, and ACLEDA Bank Lao Ltd managements and staff.

In particular, President and CEO of ACLEDA Bank Plc. Mr. In Channy welcomed Madam Mattheuis-Maier from KfW, one of our original and strongest supporters of ACLEDA who has come all the way from Germany to join us. We also had many guests and customers from all over the world who were here that day which made this a truly international event. "Today, I'm so proud of this ceremony which will stimulate ACLEDA Bank presents in Lao PDR in line with its long-term sustainable strategies to be a success regional bank," he added.

Mr. In Channy expressed his warmest thanks to Governor of the Bank of Lao PDR for his strong support and trust to ACLEDA Bank by awarding full license to ACLEDA Bank Lao Ltd today.

Mr. Vann Saroeun, General Manager of ACLEDA Bank Lao Ltd, said recently we have recruited 66 staff and send them for conceptual and practical training at the bank's headquarters in Cambodia, for two months. We are still recruiting more staff and focus on capacity building, transferring knowledge and experiences. After two years, the Cambodian experts will start moving out and promote the Lao staff to take over the management roles.

It will open two more branches this year in Savannakhet and Champasak provinces and one more branch next year in Thakhek, Khammouan province to be closed to customers for their easy access to financial services. In 5 years, ACLEDA plans to have 4 provincial branches, 11 district branches and 19 service units, with total staff expecting to grow to 400. ACLEDA expects to service 150,000 loan clients over that period.

Quoted from Vientiane Times dated Thursday July 10, 2008, Governor of the Bank of the Lao PDR H.E., said, "the ACLEDA Bank Lao's presence reflects its commitment to development of the financial sector in cooperation with the Lao government."

According to Phnom Penh Post issued for July 11-24, 2008, ACLEDA Bank Plc became the first Cambodian commercial bank to operate in foreign country when it established operations in Laos on July 08. It also quoted Vice Governor Neav Chanthana on July 07, that ACLEDA's venture in Laos has the support of the National Bank of Cambodia. The NBC had encouraged Cambodian banks to establish operations overseas and ACLEDA was the first to do so, she said.

Some reasons that drive ACLEDA Bank here in Lao PDR include the sustain and strong economic growth of Lao PDR, similar culture, strong support of authorities in Lao PDR, strong support of shareholders and board of directors, and committed professional management and staff.

ACLEDA Bank Lao Ltd will offer a full range of commercial and retailed banking services including credits, deposits, funds transfers, and cash management.

For more information contact:

ACLEDA Bank Lao Ltd., Headquarters
#372, corner of Dongpalane and Dongpaina road, Unit 21, Phonesavanh Neua village, Sisattanak district, Vientiane capital of Lao PDR.
P.O.Box: 1555
Tel: +856 (0)21 264 994
Fax: +856 (0)21 264 995
E-mail:
SWIFT: ACLBLALA