Four Thai Bank Branches Discontinue Services in Laos

Source: Vientiane Times

The Deposit Protection Office (DPO) of the Bank of the Lao PDR has announced that branches of four Thai commercial banks in Laos have voluntarily terminated their membership in the DPO and closed operations due to changes in the business strategy of their head offices.

The four banks concerned are the Thai Military Bank in Vientiane, the Krungsri Ayudhya Bank in Savannakhet province, the CIMB Thai Bank in Vientiane province, and the Bangkok Bank Pakxe in Champassak province.

These banks advised customers to close their accounts and withdraw their money before the date of closure. Most depositors have done so, but there are still some who have not yet contacted the banks to withdraw their money.

These bank branches have transferred accounts that have been active for less than six years to other commercial banks in Laos.

Deposits at the Thai Military Bank in Vientiane have been transferred to the Joint Development Bank (JDB), deposits at the Krungsri Ayudhya Bank in Savannakhet province have been transferred to the Krungsri Ayudhya Bank branch in Vientiane, deposits at the CIMB Thai Bank in Vientiane province have been transferred to the Lao Development Bank (LDB), and those in the Bangkok Bank Pakxe branch have been transferred to the Bangkok Bank branch in Vientiane.

Deposit accounts that have been active for more than six years have been transferred to the Bank of the Lao PDR.

The Deposit Protection Office, as protector of the rights and legitimate interests of depositors, hereby informs people who have deposited money in these Thai banks that these funds have been passed to other banks, where they will be protected by the DPO in line with the regulations.

Account holders are invited to contact the bank that now handles their accounts to request the withdrawal of their money or to give permission for these banks to continue to hold an account in their name.