Lao Bullion Bank CEO reveals shareholder structure as bank launches
Chanthone Sitthixay stresses that his family and the government of Lao PDR are the sole shareholders and that no Chinese financing is involved
After a soft opening in late September, Chanthone Sitthixay, CEO of Lao Bullion Bank (LBB), formally launched the bank on December 3 by signing a memorandum of understanding (MOU) with banking associations, gold associations, and over 700 microfinance institutions.
A key objective of LBB is to stabilise the Lao kip, which has significantly depreciated due to high foreign currency debt, US dollar trade deficits with several countries and elevated inflation rates.
Asked about the positive impact of LBB on the overall status of the Lao kip since its soft opening, Chanthone said that while there have been no significant economic improvements yet, the psychological effects were evident. The establishment of the bank demonstrates the public and private sector’s commitment to economic stability and efforts to strengthen the depreciating currency, he added.
Since its opening, LBB has attracted around 2,000 gold deposit accounts, equivalent to approximately 50 kilograms of gold, mostly from individual depositors. The bank aims to reach 10,000 accounts within one year and 100,000 accounts within three years, with plans to expand branches to Champasak, Savannakhet and Luang Prabang.
Ownership of LBB is structured, with the Lao government, comprising the Ministry of Finance and the Bank of Laos, holding 25%, and PTL Holding owning 75%. The total investment amounts to over 2 billion Thai baht, with a registered capital of $50 million, while the remainder is allocated to equipment and backend software systems.
Addressing concerns on social media about potential Chinese influence due to PTL Holding’s stake in LBB, Chanthone clarified that PTL is primarily family-owned. He firmly stated, “I guarantee 100% that this bank is a joint venture between our family, which owns PTL Holding, and the Lao government.”
“Our business is entirely family-funded. We often operate outside conventional business principles to support the government during crises. For instance, during the fuel shortage, while other companies closed, we kept all 150 stations open, incurring $10 million in losses within three days. This was not for profit but to prevent our country from collapsing economically.”
“Currently, we limit foreign investment in alignment with our management’s ideology. While others may have different approaches, our direction remains clear—there’s no Chinese or other foreign capital involved, only our family and the Lao government,” Chanthone said
PTL Holding began trading on the Lao stock exchange on December 9, 2014, with Chanthone serving as chairman and founder. The company initially focused on fuel distribution through service stations and direct supply to construction projects and the industrial sectors. Its recent investment in LBB marks a significant step in its portfolio expansion.
