BCEL bank names new Director General

BCEL bank names new Director General

BCEL bank will appoint Mr Vankham Voravong as its new Director General in the near future after receiving the green light from shareholders yesterday.

Mr Vankham Voravong

The Deputy Minister of Finance, on behalf of the government, which holds 70 percent of shares in BCEL, said Mr Vankham was the most suitable man for the top management position due to his management experience in the banking industry.

The government's decision to nominate Mr Vankham as the new bank chief was also due to his active participation in transforming BCEL from a state-owned enterprise into a public company, thereby raising a large amount of capital for the government.

Mr Vankham also has the necessary educational qualifications, holding a master's degree in International Finance from China and a Diploma Certificate in Political Theory from the Thangnon Finance-Banking Institute in Vientiane.

Speaking after attending yesterday's Extraordinary Shareholders Meeting, Mr Vankham said he would continue to work with the bank's shareholders to improve business.

“We have to continue to improve the company. Today we have strategic shareholders who will provide us with suggestions on how to continue to improve the company's business,” he said.

Mr Vankham joined BCEL in 1985, working at the bank's exchange unit at the Post Office. He then went to work in the International Money Transfer and Accounting and Cashier Division before becoming Head of the Cashier Division from 1993 until 2000.

From 2000 to 2005, he was the bank's Luang Prabang Branch Manager. He became Deputy Director in 2000 and held the position until his promotion to the top management position yesterday.

BCEL earned about 248 billion kip in the first six months of this year, leaving it with a net profit of about 164 billion kip. Earnings per share are about 1,140 kip while the return on investment is about 16 percent.

The bank expects to make a profit greater than the annual projection of 212 billion kip, after learning that profit for the first six months of this year is equivalent to about 78 percent of the annual target.

Last year the government sold a 30 percent stake in BCEL in a bid to raise investment capital for development purposes. BCEL was one of two local companies to list on the Lao Securities Exchange, which opened for trading in January this year.

vientiane times