Keynote address by Chairman of LDB Board of Directors

Mr. Sitthisone Thepphasy

On behalf of the Chairman of the LDB Board of Directors, after the LAO DEVELOPMENT BANK CO LTD has restructured its organizational structure from the state-owned commercial bank to the joint venture bank between Chaleun Sekong Energy Co., Ltd. and the Ministry of Finance. This business restructuring is in line with the directions of the party and the government in the reform of enterprises as the state-owned commercial banks to a new and effective form in accordance with the National Assembly’s Resolution No. 03/NA dated 10/08/2021 regarding adoption of the national agenda on solving economic-finance difficulties.

Following the restructuring of the joint venture, LDB held the meeting with the shareholders to approve the organizational structure, which consists of the Board of Directors, the Board of Management, the committees to the Board of Directors, the Independent Disciplinary Committee, division committees, branch committees, and unit committee, for me, I was appointed as the Chairman of the LDB Board of Directors, agreed by both shareholders and I shall manage and drive LDB strongly as follows:

  • Develop the LDB leadership staff at all levels to be stronger, more courageous, and more responsible for and work as team work with professionalism and transparency;
  • Have a good working relationship and respect each other;
  • Have good and proper behaviors to achieve the goals of making the organization stronger with profitable business operation;
  • Business operation must comply with the laws and regulations on the basis of mutual benefit as well as business partners are more satisfied and come to use the service more;
  • Adhere to the vision, strategic plan, and business operation approach.

The LAO DEVELOPMENT BANK CO LTD has revised its key documents in line with the business structure (which changed from the old one to the new one) and adhered to the slogan “Change for Target to Success” to be more concise, standardized, complete, harmonious and consistent, to adhere strategic plan, vision, and business operation approach under the new management to be stronger comprehensively and sustainably with business profit making. The documents improvement started with the revision of the internal regulations of the LDB, which is the main document and is based on the Law on Commercial Bank Management and related laws such as relevant regulations of the Bank of Lao PDR.