BCEL appoints new leader

BCEL appoints new leader

Banque pour le Commerce Exterieur Lao Public (BCEL) has appointed Mr Phoukhong Chanthachack as its new Acting General Managing Director, replacing Mr Vankham Voravong, who will assume a new post at the Lao Securities Exchange (LSX).

General Managing Director, Mr Vankham Voravong will take the position of Chairman and Chief Executive Officer of LSX replacing Mr Dethphouvang Moularat in the role.

The announcement of BCEL's reshuffle took place on Wednesday at the bank, and was witnessed by Governor of the Bank of the Lao PDR, Dr Somphao Phaysith.

BCEL's activities continue to grow and strengthen in various fields including the of its assets, deposits, loans and number of clients. Internally, there are 19 branches, 66 service units, 11 foreign exchange service offices and 283 ATMs across the country.

BCEL has become one of the nation's commercial banks and its main objective is to benefit its customers and to support the economic policy of the government by improving, developing, modernising and expanding its services domestically as well as abroad.

Mr Vankham Voravong achieved significant outcomes throughout his working career at BCEL.

BCEL has enhanced and modernised its core banking system as well as improved and introduced new services to customers. It has also launched ATM integration with other commercial banks in Laos which will provide more convenience for the banks' customers.

As of June 2014, BCEL had total assets of 19,807 billion kip.

BCEL had a profit of 239.7 billion kip in 2011, which increased to 283.2 billion kip in 2012, 270 billion kip in 2013 and 158.6 billion kip in 2014.

Mr Phoukhong Chanthachack was promoted to Deputy General Managing Director of BCEL in 2005 and then had active participation in bank development.

Mr Phoukhong has the necessary educational qualifications, holding a master's degree in Economics and Finance from Hungary and has worked as a credit official with BCEL since 1989.