business operation, and less openly to external and international cooperation. Thus, the government merged local banks to unite as one from Lane Xang bank limited and Lao Mai bank Limited.

In 2003, the Lao Development Bank CO LTD was established by merging two state-owned commercial banks: Lao Mai Bank Limited and Lane Xang Bank Limited by merging the total assets and employees from two banks. The purpose of this merging is to revitalize and rebuild strong stability, recreate trust among the society, turn the banking work into a well-run business and facilitate the national socio-economic development with more qualified and competent personnel. Ensuring the rights and interests of clients who use the services, in particular the implementation and expansion of the resolutions of the National Party Congress as realizing expected targets set by the government.

After merging, the Lao Development Bank CO LTD was headquartered in the Building No. 39, Pangkham Road, Xiengyeun Village, Chanthabouly District, Vientiane Capital, and relocated its headquarters to Building No. 013, Souphanouvong Road, Sihom Village, Chanthabouly District, Vientiane Capital.

Over the years, the Lao Development Bank CO LTD has grown in each area in terms of personnel, professionalism, and modernization by applying new technologies in the banking work more and more than ever before and that is expressed as the Lao Development Bank CO LTD in providing loan services to promote and develop small and medium enterprises in all sectors of the economy aims to strengthen the national economic base, create jobs for local people, and improve people's lives. The information system was improved and developed from the BANK2000 system used since 2003 to the CORE BANKING system called “T24” on 01/03/2010. At present, it is online in the whole system. The bank also has launched ATM-based financial transactions and became the first bank to fully integrate Mobile Banking into M-Commerce and modernized many aspects of services.

The New Era

In order to meet the new policy and directions of the government to transform and improve the structure of state-owned enterprises as well as the state-owned commercial banks to become joint ventures, the government therefore agreed to sign a joint venture MOU between Chaleun Sekong Energy Co., Ltd. and the Ministry of Finance on 17/03/2021 and they also jointly studied and discussed the organizational structure and personnel, joint venture agreement and other related issues. Through the study, research and implementation in a strict and concise manner, we can achieve them in compliance with rules and regulations. The government agreed for the joint venture and signed the joint venture agreement on 01/09/2021 between Chaleun Sekong Energy Co., Ltd that would hold 70% of shares while 30% remaining held by the Ministry of Finance.

For the challenges in the midst of the global Covid-19 pandemic, we, the Lao people, will be the one to contribute to the government's policy to stimulate the economy in line with the government's policy of economic recovery, we will focus on: 1. Create a clean hydropower export industry, 2. Support Lao eco-tourism with a focus on potential entrepreneurs, 3. Promote agricultural sector to serve society within the country to meet the needs of local people throughout the country, 4. Provide trade-investment support, shops or distributors, and hospitals so that people can use them. Therefore, the above are part of the policy of the government as well as the policy of our LDB in the modern era that we foresee the significance of stimulating and encouraging businesses to have access to financing sources at reasonable interest rates and able to do management smoothly.

Through the joint ventures and joint management under the management of Chaleun Sekong Energy Co., Ltd., we improved and reformed the organizational culture and working approach of the LDB Board of Directors as well as the technical staff in the country, solving many issues, determined and declared our vision, missions, strategic plan, and business operation directions of LDB clearly and the most obvious thing is the rapid business drive of the new LDP Board of Directors, which is full of knowledge with great ability, expertise, experience, and professionalism, combined with the close direction-leadership of the Chairman of the Board of Directors, who has a broad vision, leadership-direction on business operation, knowledgeable skills and insights, ethics, and self-disciplined. These can be estimated that by 2021 the Lao Development Bank CO LTD shall be able to achieve its initial business success and recognize the implementation results with the profit margins.