Bangkok--19 Feb--Bangkok Bank
Bangkok Bank has become the first and only bank to be granted a license to provide full custody services in Lao PDR. Its complete range of international-standard services include safekeeping, settlements and processing, as well as managing assets for investment in the Lao Securities Exchange.
Mr. Chaiyarit Anuchitworawong, Executive Vice President Bangkok Bank Public Company Limited, said Bangkok Bank is honored that its Vientiane branch has become the first bank in Laos to receive a license from the Lao Securities Commission Office (LSCO) to provide custody services. The bank has also become a member of the Lao Securities Exchange (LSX) in the Lao People’s Democratic Republic (Lao PDR). The bank’s services include safekeeping, settlement and clearing of securities transactions, managing investment assets, providing financial statements, acting as proxy for investors at shareholders’ meetings, and providing tax advice and foreign exchange services.
As part of its preparations for the new custody service, Bangkok Bank’s Vientiane branch has established a working system connection with the Lao Securities Exchange and trained local staff with support from the head office securities service department. After meeting all the criteria of the LSCO and becoming a member of the LSX, Bangkok Bank’s Vientiane branch has become the first and only bank in Laos to receive an operating license to provide full custodian services. The services will be provided to institutional investors who are interested in investing in the LSX and wish to keep their assets safe with a custodian that meets international standards.
The Royal Lao Government wants to develop the country’s capital markets and encourage participation by foreign investors. This will provide more liquidity to the markets and facilitate long-term funding for companies, supporting their development and sustainable expansion of their production facilities and services.
Bangkok Bank is an expert and experienced custodian, with more than 28 years of experience in providing private and provident funds to institutional investors and international institutional clients. The bank supports clients with safekeeping of funds’ assets for all type of securities, including both scrip and scripless, with secure, modern and multiple instruction channels.