The Banque pour le Commerce Exterieur Lao (BCEL) was honoured on Wednesday as Laos' best performing bank of 2011, and was awarded the ‘Bank of the Year 2011' award in recognition of its good management.
|BCEL officials and guests attend the award ceremony. |
In a ceremony held at Lao-ITECC, BCEL was presented with a certificate by the Bank Service Centre and the ACS Registrar.
Deputy Prime Minister Somsavat Lengsavad, Vice Governor of the Bank of the Lao PDR and former BCEL Director General Mr Sonexay Sitphaxay, bank staff and guests from other banks attended the ceremony.
Mr Somsavat praised the bank for its outstanding achievement. “This is a great achievement, but the bank still has much to learn and will strive to be even more successful in the coming year.”
Mr Sonexay said “The award goes out to all staff members including our administrative board who have all worked very hard and helped to make this achievement possible. I would also like to thank the public for their support.''
BCEL Director General Mr Vankham Voravong said the bank was honoured with the award because it was continuously trying to improve its technology and services.
He said the present world economy was very volatile and that under the circumstances it was difficult for all banks to not only keep business on an even keel, but to continue developing new services and benefits for their clients and their country.
“Even though the global economy faces many challenges, our bank is doing well and continuing to grow,” Mr Vankham said.
The Bank of The Year Award was launched by Banker magazine, which is published in London, UK. It is an international banking and financial publication that was first established in 1926. The Bank of The Year Award attracted contestants from 147 countries worldwide. Only one bank in each country receives the award.
To qualify, each bank must justify its shareholder returns, its business strategy, its performance and to what it owes its success.
Mr Vankham said “BCEL has managed to face up to its challenges and has been able to outdo its business expectations and targets and will continue to grow in the coming years.''
BCEL was one of two Lao companies to be listed on the Lao Securities Exchange which opened for trading in January this year.