BNCTL thanks the work done by the former representative of the State as shareholder of the institution
National Commerce Bank of Timor-Leste (BNCTL) Executive board, organized, on July 17th 2020, an appreciation ceremony to the Minister of Presidency of the Council of Ministers, Fidelis Manuel Leite Magalhães, on his role as representative of the State as the bank shareholder.
BNCTL established firstly as Timor-Leste Microfinance Institute (IMFTL) and became the first Timorese Bank, when it was granted its unrestricted banking license, on July 11th 2011.
This Bank is a public limited company of exclusively public capital, with the State as its sole shareholder, and whose object is to provide banking and financial services, in order to reduce poverty and favour the economic activities development within the nation, providing access to financial services for the population and micro, small and medium companies, both in urban and in rural areas.
In his speech, the Minister expressed that “it was a privilege, during the last two years, to share [with the BNCTL Executive Board members] the various events and situations, which, although difficult, were very important for the Bank maturity process and for our own economy”.
Fidelis Magalhães emphasized that “with the changes made to the Executive Board, done with the aim of ensuring a more efficient functioning, it is expected that, in the near future, with your work and dedication, it could be deepened, so that the BNCTL becomes not only as a Government Bank, but into the Bank in which our citizens trust, because they feel that the work done by you, have great quality”.
The Minister also appealed to the Executive Board members to “try to ensure that BNCTL really becomes a profitable institution and that it may contribute to the economic development process of our nation”.
Fidelis Magalhães, while as Minister of Legislative Reform and Parliamentary Affairs, was appointed, through Joint Order N.º 01 /MEPCM/VIII/August 17th 2018, to represent the State in the exercise of its right as the single shareholder of BNCTL. With the change of the VIII Constitutional Government Organic, the Ministry of Legislative Reform and Parliamentary Affairs was extinguished and, consequently, the Minister’ Fidelis Manuel Leite Magalhães mandate, which, was conferred on him through the Joint Order, expired.
In accordance with the Decree Law no. 3/2011, of January 26th, is the Coordinating Minister of Economic Affairs and Minister of Finance responsibility to appoint a new State representative to exercise his rights in BNCTL. As long as new State representative is not appointed, it is the Ministry of Finance who has the responsibility, as stated in the Organic Law of VIII Constitutional Government, to ensure the role as the State shareholder, in coordination with the competent Ministries, in view of the matter.
Besides the Minister of the Presidency of the Council of Ministers and the BNCTL Executive Board, also took part in the ceremony the Coordinating Minister of Economic Affairs, Joaquim Amaral, the Minister of Finance, Fernando Hanjam, and the President of the Chamber of Commerce and Industry of Timor-Leste (CCI-TL), Oscar Lima.
