When There Was No Money: Building ACLEDA Bank in Cambodia's Evolving Financial Sector

Table of Contents......Page 11
Map of Cambodia and ACLEDA Bank Operations......Page 6
Foreword......Page 7
Acknowledgments......Page 9
List of Illustrations......Page 17
Abbreviations......Page 19
Introduction......Page 21
PART I: HERITAGE......Page 29
Prologue......Page 30
The Khmer Rouge: 1975-1979......Page 33
The People\'s Republic of Kampuchea: 1979-1990......Page 35
UNTAC – United Nations Transitional Authority in Cambodia......Page 39
The Small Enterprise and Informal Sector Promotion Project (SEISP)......Page 42
The First Project Strategy......Page 43
The First LEDA Staff......Page 44
The First Breakthrough: Affinity and Fiat......Page 46
The First Door: The Option to Build......Page 47
The First Challenge: Owning the Process......Page 48
The First Mantra: Beginnings of Corporate Culture......Page 49
PART II: DISCOVERY......Page 52
Prologue......Page 53
A Classic Model......Page 56
Who Are We? Who Are They?......Page 57
Targeted Credit: Bull\'s Eye or Broken Dart?......Page 58
Verifying Credit Use, and Then What?......Page 59
How Many Pigs in a Poke?......Page 60
Many Questions, One Answer......Page 61
Experimenting with Products at the Core......Page 62
Lessons......Page 65
Forging the Infrastructure......Page 68
Sophisticated Consumers......Page 74
Shifting from Targets to Markets......Page 79
Performance: 1994-1997......Page 86
Corporate Soul......Page 92
Taking Ownership......Page 97
Lessons......Page 98
PART III: VELOCITY......Page 101
Prologue......Page 102
CHAPTER 6: Confidence: The \"Flywheel\" Turns......Page 107
Capacity to Expand: The First Growth Period – Bigger, 1995-1997......Page 108
The Great Liquidity Crisis: 1996......Page 110
Funding Strategy......Page 112
A PC in Every Branch......Page 117
Pattern Recognition......Page 120
Corruption!......Page 122
… And Transparency......Page 124
The Changing Capital Structure......Page 125
Comrades: Policy and Regulation......Page 127
The Right Technical Assistance......Page 137
Capacity to Sustain Growth: The Second Growth Period – Bigger and Better, 1997-2000......Page 138
The Failure of Recipes......Page 145
PART IV: ODYSSEY......Page 149
Prologue......Page 150
A Member of the Club......Page 152
The NBC Rules......Page 157
A Similar Pattern......Page 162
CHAPTER 9: Inspiration: From the Andes to the Mekong......Page 163
The Plan......Page 166
Benefits, Risks and Costs......Page 169
Uno, Dos, Tres......Page 171
CHAPTER 10: Invitation......Page 176
The Domino Theory......Page 177
What Investors Look For......Page 178
Interlude: The Third Transformation......Page 199
PART V: MOMENTUM......Page 206
Inside ACLEDA Bank......Page 207
The Great Delinquency Crisis of 2001......Page 209
Resolving the Crisis......Page 215
Preventing Another......Page 216
Lessons......Page 218
Dogma and Business......Page 220
Mission Drift in a World of Options......Page 225
Mission Evolution......Page 232
Yesterday – The Nebulous Concept......Page 234
Today – Building an Inclusive Financial Sector......Page 240
And Tomorrow......Page 242
The ACLEDA Legacy......Page 244
Bibliography......Page 247
Technical Note......Page 255
D......Page 259
O......Page 260
P......Page 261
T......Page 262