Veerathai Santiprabhob, governor of the Bank of Thailand, and Sonexay Sitphaxay, governor of the Bank of the Lao PDR, put their names to the document.

The MoU serves as a solid foundation for effective cooperation in the supervision of banking organisations operating in both countries, in accordance with the principles set out in the Basel Core Principles for Effective Banking Supervision, they said.

It sets out in greater detail the process that the two authorities will follow to foster greater cooperation in the areas of information-sharing, on-site examinations, supervisory colleges, and crisis management.

Currently, there are seven Thai commercial banks operating in Laos, one as a subsidiary bank and the other six as foreign bank branches, with eight branches in total.

There is one representative office of a Lao bank operating in the Kingdom.

Source: http://www.nationmultimedia.com/detail/Economy/30371651