Informations about the bank sheets in Phongsavanh Bank

Hello Gaudente.

A new thread has been created from your message on the Laos Forum for more interaction.

I am pretty sure that you will receive some advices soon.

Thanks

Karen

I would suggest you try another bank. This bank went broke a few years ago so I would not trust it. BCEL is the government bank so would be more trustworthy as would the ANZ bank.
To open any bank account in Laos you have to have a business visa or work permit. The banks will ask you for this.

Acleda Laos let me open an account without work permit , and so did BCEL after I opened a brokerage account with their subsidiary BCEL-KT http://www.bcel-kt.com/ . I wanted to open accounts with other banks also to diversify the risk , but unfortunately silly Lao Development and ST Bank insist on that work permit requirement, while Phongsavanh Bank would do but as long as they keep their balance sheets secret I cannot trust them.

stumpy wrote:

This bank went broke a few years ago so I would not trust it.

I think you are referring to this laomate.activeboard.com/t36206368/lao-central-bank-vows-to-protect-phongsavanh-bank/ it appears they just suffered a temporary bank run, they did not go bankrupt and no one lost his savings.

Anyway, as long as they do not disclose their balance sheets, I agree they cannot be trusted.

Stumpy, as mentioned above, the bank did not go bankrupt. There was a rumour started by someone....a competitor?  that the bank was engaged in shady dealings. This caused a run, but was totally unfounded. The bank is perfectly sound.