Mr. Pairote Cheunkrut, Krungsri Chief Strategy Officer said "Krungsri is taking solid steps to expand our services and support across ASEAN by offering innovative financial products that meet the needs of today's consumers and businesses. In Laos PDR we offer a wide range of financial products led by our popular portfolio of auto and consumer finance products as well as building a large portfolio of personal loans.
"Given its proximity to Thailand and access to Thai media many Laos customers are familiar with our popular brand such as Krungsri Auto and First Choice. This gives people the confidence to put their trust in our expertise and knowledge. The infrastructure and economy in Laos PDR are undergoing rapid development and Krungsri is ready to provide people and businesses with the financial they need to grow." added Mr. Pairote.
After establishing its presence in Vientiane in 2014 Krungsri has expanded its auto finance business to cover five provinces across the country as well as increasing the number of new car dealers and adding full-sized trucks and corporate fleets into its remit. In 2019, Krungsri launched used car financing and Car4Cash to provide auto loans to refinance pre-owned vehicles, before expanding into finance for motorcycles in 2020. Also in 2020, 'Krungsri Money Laos' was launched to focus on personal loans.
Despite economic headwinds driven by global monetary tightening and rising interest rates Laos PDR GDP is expected to recover to 3.2% in 2022 due to a reopening of the country, an expected increase in tourism activity, and investment from China, highlighted by the China-Laos high-speed train which opened in December 2021. This is expected to have a positive impact on tourism, which contributed about 5% of GDP in 2019, as well as trade links between Laos PDR and China. Laos PDR importance on the Greater Mekong area is reinforced by the recent opening of the Thanaleng dry port in December 2021 which opens up rail-road links to major economies in the region.
"As a regional leader in both commercial and retail banking we are delighted with our success in Laos as our financial products and services have become leaders in their segments, demonstrating that we are able to offer Laos people the financial support and service they need. We look forward to continually expanding our offer in Laos PDR to meet their financial needs as they grow and develop their economy," said Mr. Pairote.
Source: Spark Communications