LSX listing was the best move for BCEL
LSX listing was the best move for BCEL
The listing of the Banque pour le Commerce Exterieur Lao Public (BCEL) on the Lao stock exchange has significantly strengthened the bank, and secured greater trust on the part of investors, clients and staff.
BCEL's Research and Development Head Mr Khamhou Thongthavy highlighted the fact at a ceremony on Sunday, when he outlined the achievements of the bank since it listed on the Lao Securities Exchange (LSX) two years ago.
“Since BCEL became a public company and registered on the stock market, the bank has gained a higher profile and a more prestigious reputation in business circles, which has led to its success in various regards,” Mr Khamhou said.
BCEL and EDL-Gen were the only two companies to list on the LSX when it opened for trading on January 11, 2011, but their success has meant that other companies are now preparing to list.
Since it became a public company in late 2010, BCEL has seen the amount deposited in accounts increase by a factor of 1.3. The bank's capital has continually increased, and its asset status continues to grow.
Mr Khamhou said the restructured bank is more responsive, and its transparent and strong administration has built trust among both domestic and foreign clients.
“This is evident through the increasing services the bank now offers, while trades in the bank's shares on the stock market are increasing,” he said.
Closing at 8,000 kip on the first day of trading, the BCEL share price has risen as high as three times (15,400 kip on February 1, 2011) that of the initial share offering of 5,000 kip.
The number of shareholders has risen to over 1,000, and up until the third quarter of last year the bank's assets had increased by 50 percent compared to late 2010. Meanwhile investors have already received shareholder dividend payments twice over the past two years.
BCEL now has 18 branches, 44 service units, 195 ATMs and at least 1,250 employees.
Mr Khamhou said the restructuring required for BCEL to become a public company has motivated its staff to improve and upgrade their knowledge, skills and technical expertise.
During the dinner party celebrations, Mr Khamhou and other officials displayed the award the bank received from Asia Banking and Finance for its outstanding performance in using modern technology in services and in the development of core banking.
Speaking objectively, the change has given staff more responsibility and confidence, he said, because after becoming a public company, the bank's employees feel that they are owners of the institution as well.
In his address at the dinner party, BCEL Director General Mr Vankham Voravong said “The bank's listing on the stock exchange was a major step as we were the first bank in the country to transform from a self-sufficient state commercial entity to a publicly listed company.”
vientiane times
