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BCEL aims to keep top bank ranking
Banque pour le Commerce Exterieur Lao (BCEL) is working towards being as a recognised provider of investment consultancy services.
BCEL Head of Administra-tion and Finance Division Khamhou Thongthavy said on Tuesday in response to a question about the bank's outlook since it was listed on the Lao Securities Exchange (LSX) “I think the next step is to expand our line of business toward consulting services like private banking and corporate banking.”
He said that when the national economy was growing at a rate of 6-7 percent per year, BCEL was growing at a rate of 10 percent.
This year the central bank has asked BCEL to set a target of 18 percent growth with the economy expected to expand by 7.9 percent.
BCEL is one of only two enterprises listed on the LSX along with Electricite du Laos (EDL).
Referring to the bank's current business situation and infrastructure, the BCEL head confirmed that the bank is ranked number one in Laos and believes it continues to grow faster than others.
“As the growth rate of lending is now about 30 percent and we have a more sophisticated computer system than other banks in the country, I'm sure my bank will grow faster than the others in our peer group.”
Mr Khamhou said BCEL is already an international expert in foreign exchange as well as operating domestic businesses such as insurance, leasing, and brokering.
In cooperation with KT ZMICO Securities Company Limited, BCEL has established a brokerage company, BCEL-Krungthai Securities (BCEL-KT) with capital totaling 100 billion kip. BCEL holds 70 percent of the capital and BCEL-KT the remaining 30 percent.
“BCEL has good franchises in Laos, while KT has an international client base,” said BCEL-KT Deputy Managing Director Mr Hinphet Chanthalangsy.
On the first day of trading on the LSX on January 11, the value of transactions was more than 2 billion kip, of which 1.6 billion kip involved BCEL.
On the same day, the BCEL share price rose from the average initial public offering (IPO) price of 5,500 kip to 8,000 kip.
The BCEL head said that as the bank is recognised as the number one, it has to be on the alert to defend its champion status.
“Yes, we are number one but if we don't do our best we will fail to maintain that position,” Mr Khamhou said.
Vientiane Times
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