KRX and Bank of Laos make progress on new exchange
The Korea Exchange (KRX) has signed a memorandum of understanding (MoU) with the Bank of Laos to create a joint venture that will establish a stock market and supervisory authority in Laos by October 2010. The firms plan to have the joint venture in place by early 2009. KRX will have a 49% stake in the new stock exchange.
The new MoU is the latest step in KRX’s plans to establish a stock exchange in Laos. It signed an initial MoU with the Bank of Laos regarding the project in September last year, outlining plans to launch the new exchange by 2010.
The new exchange is part of KRX’s plans to extend its influence in member countries of the Association of Southeast Asian Nations (ASEAN), and help local brokers and businesses expand in the region.