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BCEL to open more branches, service units
Banque pour le Commerce Exterieur Lao Public (BCEL) expects to have at least two service units in each province in the near future.
“We will open a service unit next month in Keun village, know as ‘Ban Keun', Thoulakhom district, Vientiane province,” BCEL General Director Mr. Sonexay Sitphaxay said at the Chao Anouvong exchange unit reopening ceremony in Chanthabouly district, Vientiane, yesterday.
“We will also have another unit in Naxaithong district of Vientiane,” he added.
The unit was reopened after temporarily closing for over a month for improvements, including the installation of a new IT system, electronic board and security system.
BCEL currently has 18 branches in the 16 provinces and Vientiane, and plans to continue its expansion of service units and branches in commercial and densely populated areas.
Mr. Sonexay said that in areas of high commercial production and economic growth, BCEL will upgrade its service units into branches.
“We will develop the service unit in Phonhong district, Vientiane province, into a branch because the district is experiencing economic growth,” Mr. Sonexay said.
BCEL also plans to launch new products next month and in July, “but we cannot yet reveal what the products are”.
The developments come in response to growing competition in the banking and financial market. “The upgrades are also in preparation for when Laos becomes a World Trade Organisation member in the near future,” he said.
BCEL's activities continue to grow gradually and strengthen in various fields, including size of assets, deposits, loans and customer numbers.
In addition to its 18 branches, BCEL has over 20 service units, more than 10 foreign exchange offices and over 80 correspondent banks worldwide, according to its website.
It has also launched the joint commercial Lao-French Bank, a leasing company, the Lao-Viet Insurance Company and the Lao-Viet Bank in Vientiane.
It was awarded as a Most Productive Network last month at MoneyGram's annual Asia Pacific Agent Conference 2011 in Malaysia.
The state-owned bank was established when Laos was liberated at the end of 1975 and has undertaken activities since 1976.
It operated as a specialised branch of the former State Bank (Central Bank) of Laos from 1976 to 1989, during which time it was assigned as sole conductor of international banking activities in the country.
The bank was also assigned to manage assistance grants and loans provided by foreign countries and international organisations to the Lao government.
It became a fully commercial bank under the law of the Bank of the Lao PDR and the decree concerning the management of commercial banks in November 1989.
vientiane times
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