ANZ has announced the closure of all retail products and services in Laos following the sale of its retail and wealth businesses across the region.
The bank will officially close all retail accounts and cease offering retail services as of March 30 this year.
Citing a review of its business, ANZ Laos says it wishes to ensure it is aligned with the bank’s global strategy to focus resources on its institutional business in the Asia Pacific region, supporting customers with regional trade and capital flow movements, and connecting them with business opportunities within Laos and across its global network.
The announcement follows the sale of the bank’s retail and wealth businesses in Singapore, Hong Kong, China, Taiwan, Indonesia, and Vietnam, and the closure of its retail business in the Philippines.
Retail customers will be given until March 30 to close accounts, and the bank will waive any early termination fees for term deposits.
In its letters to retail account-holders, ANZ Laos has provided an option for its retail customers to open accounts with Banque Pour Le Commerce Exterieur Lao Public (BCEL), saying it can connect retail customers with representatives at the state-owned bank, where former ANZ retail customers will be offered some discounts.