BCEL, Korea’s KEB Hana boost banking cooperation

VIENTIANE (Vientiane Times/ANN) - Laos and Korean banks working together to improve trand and international remittances. 

Banque Pour Le Commerce Exterieur Lao Public (BCEL) and Republic of Korea’s KEB Hana Bank, co-signed an overall cooperation agreement to serve customers of the two countries on trade finance cooperation and international remittance. 

The document was signed on Friday in Vientiane by the BCEL’s Deputy Managing Director Lachay Khanpravong and KEB Hana Bank’s General Manager Foreign Investment and Client Department Kim Beom-Rae.

The signing ceremony was attended by the BCEL’s General Managing Director Phoukhong Chanthachack, finance and banking officials, as well as other invited guests.

Under the new agreement, two banks are committed to strengthening their networks and customer base with modern banking technology which are core competitive advantages to provide convenience to customers.

Cooperation between BCEL and KEB Hana Bank started since last year in trade finance, especially banking arrangement services for government projects in Laos between the two countries.

In addition, BCEL has also opened a Nostro Account with KEB Hana Bank to facilitate money transfers to the home country by Lao workers and students in Korea as well as general customers of the two banks.

Speaking at the signing ceremony, Lachay, stated that under the agreement customers can now transfer money from Laos to Korea and from Korea to Laos directly without sending it to United States correspondent banks.

“This will facilitate the customers to receive money quicker with cheaper costs,” Lachay said, adding “In the near future, our two banks will cooperate more in order to provide good services and products to society.”

BCEL has provided banking arranging services to KEB Hana Bank for government projects between the two governments (through KOICA).

Kim said BCEL and KEB Hana Bank had something in common in terms of their backgrounds. Like BCEL, KEB Hana Bank originated from the Central Bank in charge of international banking, trade finance and grew into a major Korean corporate bank during the period of Korean economic growth.

Since being independent in 1967, Kim stressed that KEB Hana Bank now maintains the unrivalled position in Korea, particularly regarding FX, Vostro Clearing, FDI, remittance, trade finance and other various international business.

The purpose of the cooperation with BCEL is to focus on remittance marketing for skilled workers from Laos. KEB Hana Bank is willing to keep cooperating closely with BCEL for mutual benefits in the years to come.

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