The Joint Development Bank (JDB) officially opened its new headquarters on Lane Xang Avenue in Chanthabouly district, Vientiane, Yesterday after a construction period of more than a year.
The new building replaces the old office which was demolished.
"Construction began in July last year and was expected to be complete within one year, but there were some delays due to changes in the interior design," said JDB Chief Executive Officer, Mr.Saroge Singsomboon, at the opening ceremony.
Governor of the Bank of the Lao PDR, Mr. Phouphet Khamphounvong, said "the new and bigger headquarters demonstrates the strong growth of JDR since it first opened 20 years age, as well as indicating the expansion of the banking sector in Laos as a whole."
The new building comprises six floors. The ground floor will be used as a car park and the other five for offices, banking services and conference rooms.
"Wd have spent about 25.4 billion kip (US$3 million) on construction and fit-out of the new building," Mr.Saroge said.
JDB first opened in 1989 with 30 employees. That figure had grown to 130 by last year and the former headquarters was no longer large enough. The bank currently has about 150 employees.
While the new headquarters was under construction the bank operated out of an office on Thadeua Road in Thadkhao village, Sisattanak district.
"Now all services have relocated to our new building," said JDB Marketing Department Assistant Manager Suriya Puasrisuwan.
Last year the bank opened branches in Xaysettha district, Vientiane, and in Luang Prabang province.
Mr.Saroge said the bank plans to open a branch in Pakxe district, Champassak province, next year, followed by other branches around the country.
Currently the bank has 24 ATMs in service, up from 18 ATMs last year. "Weโll have an additional seven ATMs in Vientiane soon," Mr.Saroge said.
JDB aims to meet international standards in the services it offers. It is a member of the Visa and Mastercard credit systems, and is currently the sole legal provider of credit card services in Laos. It has also increased automated services for deposit, withdrawal and transfer of money through ATMs.
The bankโs founders were the Thai Phomsuwan Silo & Drying Company Ltd. And the Bank of Laos, now known as the Bank of the Lao PDR. The Thai investors own 70 percent of the bank, which has registered capital of 35 billion kip (US$4 million), according to JDBโs website.
Initially all operations were carried out manually but now its systems are fully computerized. It has been using the Lao National Banking Account System since 1998 and operates as a commercial bank both in Laos and overseas. 
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