Under the leadership of the Lao People's Revolutionary Party, the Party and Government have implemented the comprehensive policy using the principle of enhancing an open policy for international cooperation to develop the national socio-economic and gradually improve people’s living standard as the party-state’s key goal.
Banking activity is also an important task for the national socio-economic development.
The Joint Development Bank (JDB) was established according to the Decision of President of Ministerial Assembly No. 04/MA, dated January 21st, 1989, chaired by his Excellency Kaysone Phomvihane, the President of Ministerial Assembly and the Prime Minister of the Lao People’s Democratic Republic at that time.
The JDB opened its services on October 3rd, 1989, as the State Bank has joined with Thai Investors from Phongsouvan Sailo and Opphuad which at that time held 70% of shares and for Lao side, represented by the Bank of Lao PDR held 30% of shares.
The JDB address is on the building No. 82, Lane Xang avenue, Hatsady village, Chanthabouly district, Vientiane capital under the President of Management Board from time to time as follows:
1. Mrs. Sivaly Sisane from 1990 to 1995
2. Mr. Phien Philakone from 1996 to 1999
3. Mr. Khamsouk Soundala from 2000 to 2006
4. Mr. Somphao Phaisith from 2007 to 2009
On June 15th, 2010, the Bank of Lao PDR transferred all of its shares to Thai investors, Mr. Salod Singsomboun as the President and the JDB at that time became the 100% bank invested by foreign investor. During that time, there are only four service units as follows: Wattay service unit, Thatlouang service unit, Vangvieng service unit, and Luang Prabang Service unit.
On October 18th, 2012, the Thai Investor sold all shares to Simoung Group and the JDB become 100% Lao private bank. Mr. Ekkaphan PHAPHITHAK is the President of JDB Management Board who has led the new management and consultants for bank management. The JDB new management is equipped with great qualification as most of them obtain the Master degree and Doctoral degree with extensive experience in their work specialties for over 20 years.
After the new management team came for management, the name of JDB was internationalized in order to enter into the Association of South East Asian Nations (ASEAN): The new management team created reputation for the Joint Development Bank or JDB in short with the excellent bank services for every level of clients with comfort, impression, and credibility, well-recognized by our society and made the JDB providing the faster services with modern technology under the international standard, well-recognized among ASEAN and international financial institutions. The JDB added the 84 billion LAK into its registered capital in 2012 to 404 billion LAK and expands its service network in faster pace across the country.