ASIA INTERVIEW
Leading CSR in LAO PDR Global Banking & Finance Review interviewed Mr. Phaiboun Phongsavanh, Managing Director of Phongsavanh Bank Limited on the occasion of winning Best CSR Bank Lao 2018 to discuss the importance of Corporate Social Responsibility. Congratulations on winning the award. Can you tell us about Phongsavanh Bank and how it has evolved over the years? Phongsavanh Bank Limited is the first commercial bank in Lao PDR, which is fully owned by a Lao businessman. The Bank was established on 29 March 2007 to provide complete, modern and trust-worthy financial services that meet international standards in terms of good quality (certified ISO 9001:2015). The intention of the Bank’s establishment by the founder was to serve Lao people from all walks of life, including farmers, the general public, small scale businessmen and executives from multinational corporations. Formerly, banking operations in Lao PDR experienced many problems, because Lao people were ignorant about banking systems and financial transactions. Most people preferred to keep money at home, while the rich deposited their money with foreign banks abroad. Phongsavanh Bank thus started to educate the general public on banking matters, which not only enhanced their banking knowledge, but also developed closer customer relations in order that they use financial institution to facilitate their business operations, while improving the quality of their life and promoting small scale business and attracting both local and international
investment. In this context, we are recognized as a reformer of banking services in the Lao PDR. Can you tell us why Corporate Social Responsibility has always been a priority for the bank? Phongsavanh Bank Limited is an affiliate of Phongsavanh Group in Lao PDR. Our leader and group founder Honorary Chairman Professor Doctor Od Phongsavanh, who is responsible for the success of all our companies believed that a key factor to the success of Phongsavanh Group is the principle of “Give & Share” and genuine commitment to upgrade the Lao people’s quality of life. This principle is transferred down to the Board of Directors, Management and all the staff in our Group. This has presently become the culture of Phongsavanh Group, including Phongsavanh Bank. Since the establishment 12 years ago, CSR has been the priority of the Management along with improving the business to provide quality banking service to Lao people. Over the years, we have been supporting the government and communities throughout the country. Thus, the Group as well as Phongsavanh Bank have become well-recognized and respected, both nation-wide and region-wide. Our CSR activities have therefore helped in building trust and our brand.
Issue 15 | 99