BCEL, BOC expand service cooperation
BCEL, BOC expand service cooperation
Banque pour le Commerce Exterieur Lao (BCEL) has expanded its cooperation with the Bank of China (BOC) in developing customer service as part of a drive for increased business growth.
The two banks recently signed a comprehensive cooperation agreement around banking services and other areas of banking development.
The agreement was signed by BCEL General Managing Director Mr Phoukhong Chanthachack and General Manager of the Financial Institution Department of BOC, Mr Wu Shiqiang, and witnessed by the Governor of the Bank of the Lao PDR, Mr Somphao Phaysith.
Mr Phoukhong said the agreement indicated that the two sides looked forward to cooperating in improving the banks' customer service and business development.
The agreement was thought to help both banks strengthen their human resource development, which would help both Lao and Chinese customers and companies to more conveniently access their needs.
In particular, it would facilitate transactions needed in the construction of the Laos-China railway, such as those of sub-contracted companies and employees in relation to settlements and payrolls.
The agreement recognises the needs of the governments of the two countries.
Mr Phoukhong said BCEL was the first commercial bank in Laos to register on the Lao Securities Exchange with some 40 percent of its investment in banking, 27 percent in assets, and 28 percent in loans in 2016.
BCEL has 19 subsidiaries, 80 units, 1,600 staff, and uses modern technology such as the popular mobile app BCEL One, and client internet banking. These conveniences make it easier to serve customers both domestically and overseas.
BCEL has also launched its ATM pool system with foreign banks operating in Laos to promote the use of its facilities to a wider customer base.
But BCEL plans to continue to partner with foreign banks in various sectors to help driving its service growth.
Mr Wu Shiqiang said the BOC was established in 1912 and has subsidiaries in 51 countries while 20 other countries play into its strategy plans termed �One Road, One Economy�, including Laos.
The China Banking Regulatory Commission and the Bank of the Lao PDR allowed BOC to open subsidiaries in Vientiane in 2015.
Laos and China's trade value reached US$2 billion in 2016, which proves that investment cooperation between the two countries has continued to grow.
Mr Wu said the signing of the agreement between BOC and BCEL was an important step in opening up financial markets and services for customers, aiming to drive Laos' continued economic growth.
Both BOC and BCEL say they look forward to cooperation opportunities to provide services for larger projects in Laos, making payments available in yuan, cash operations, and loan syndication.
