Hanoi, 20 September - BIDV and Banque Pour Le Commerce Exterieur Lao Public (BCEL) signed a memorandum of understanding on comprehensive cooperation for the period 2017-2020.

 

​Addressing the signing ceremony, Mr. Phan Duc Tu, BIDV’s chief executive officer, said that as the leading banks in Vietnam and Laos, BIDV and BCEL have been cooperating effectively in various fields. Under the MoU, the two banks will continue to promote cooperation in areas such as business cooperation, experience sharing and training, and supporting the business activities of their joint ventures including Lao Viet Joint Venture Bank (LaoVietBank) and Lao Viet Insurance Company (LVI).

The signing of the MoU coincides with the 55th anniversary of diplomatic relations between Vietnam and Laos (5 September 1962 – 5 September 2017) and the 40th anniversary of the signing of the Vietnam-Laos Friendship and Cooperation Treaty (18 July 1977 – 18 July 2017). It is hoped that the new agreement will help promote cooperation between the two banks and bring benefits for businesses and residents of both countries.

About BIDV

Established in 1957, BIDV is the largest commercial bank in Vietnam with total assets of more than VND1.1 quadrillion (equivalent to USD49 billion) as of 30 June 2017. BIDV operates in different areas of banking, insurance, securities, investment, etc. BIDV has over 1,000 branches and transaction offices in all provinces of the country along with overseas subsidiaries and representative offices.

About BCEL

BCEL was established in 1975 and is Laos's largest bank, with total assets in the region of USD3.9 billion as of 31 December 2016. The bank has 19 branches, 75 transaction points and 10 foreign exchange points in Laos.