Under the direction of the Lao People’s Revolutionary Party and government, it has implemented the comprehensive policy by enhancing an open policy for international cooperation to develop the national socio-economy and improve people’s living standard as the party-state’s key goal.
Banking is a key for national socio-economy development.
The Joint Development Bank was established according to the President of Ministerial Assembly Notification No. 04/MA, dated 21 January 1989, chaired by his Excellency Kaisorn Phommvihane, the President of Ministerial Assembly and the Prime Minister of the Lao People’s Democratic Republic at that time.
The Joint Development Bank opened its services on October 3, 1989 as the State Bank joint the investment with Thai Investor from Phongsouvan Sailo and Opphuad which at that time held 70% of shares and Lao side, represented by the Bank of Lao PDR held 30% of shares.
The bank 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 during 1990-1995
2. Mr. Phien Philakone during 1996-1999
3. Mr. Khamsouk Soundala during 2000-2006
4. Mr. Somphao Phaisith during 2007-2009
On June 15, 2010, the Bank of Lao PDR transferred all of its shares to the Thai investor, Mr. Silod Singsomboun as the President and the Joint Development Bank at that time became the 100% invested bank invested by foreign investor. During that time, there are only four service units – Wattay service unit, Thatlouang service unit, Vangvieng service unit, and Luang Prabang Service unit.
On October 18, 2012, the Thai Investor sold all shares to Simoung Group and the Joint Development Bank become 100% Lao private bank as Mr. Ekkaphan PHAPHITHAK is the President of Management Board of the bank who has led the new management and consultants to manage the bank. The 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, it 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 Joint Development Bank added the 84 billion LAK into its registered capital in 2012 to 404 billion LAK and expands its service network in faster pace nationwide.