| Map of Cambodia and ACLEDA Bank Operations | p. VI |
| Foreword | p. VII |
| Acknowledgments | p. IX |
| List of Illustrations | p. XVII |
| Abbreviations | p. XIX |
| Introduction | p. 1 |
| Heritage | |
| Prologue | p. 11 |
| Cambodia and the Banking System | p. 15 |
| The Khmer Rouge: 1975-1979 | p. 15 |
| The People's Republic of Kampuchea: 1979-1990 | p. 17 |
| UNTAC - United Nations Transitional Authority in Cambodia | p. 21 |
| The Accidental Organization | p. 25 |
| The Small Enterprise and Informal Sector Promotion Project (SEISP) | p. 25 |
| The First Project Strategy | p. 26 |
| The First LEDA Staff | p. 27 |
| The First Breakthrough: Affinity and Fiat | p. 29 |
| The First Door: The Option to Build | p. 30 |
| The First Challenge: Owning the Process | p. 31 |
| The First Mantra: Beginnings of Corporate Culture | p. 32 |
| Discovery | |
| Prologue | p. 37 |
| Exploring the "Marketspace" | p. 41 |
| A Classic Model | p. 41 |
| Changes in Attitudes | p. 42 |
| Who Are We? Who Are They? | p. 42 |
| Targeted Credit: Bull's Eye or Broken Dart? | p. 43 |
| Verifying Credit Use, and Then What? | p. 44 |
| How Many Pigs in a Poke? | p. 45 |
| Many Questions, One Answer | p. 46 |
| Experimenting with Products at the Core | p. 47 |
| Neighborhood Banks | p. 47 |
| Mandatory Savings | p. 49 |
| Medium-Sized Loans | p. 50 |
| Lessons | p. 50 |
| Crossroads | p. 53 |
| Forging the Infrastructure | p. 53 |
| Governance | p. 53 |
| The First Strategic Plan | p. 54 |
| 1995: The Crossroads | p. 55 |
| 1996: The Future | p. 58 |
| Sophisticated Consumers | p. 59 |
| Are They Poor? | p. 60 |
| ACLEDA's Customers | p. 62 |
| Shifting from Targets to Markets | p. 64 |
| Performance | p. 66 |
| Expectations | p. 69 |
| Latitude to Grow | p. 71 |
| Performance: 1994-1997 | p. 71 |
| Corporate Soul | p. 77 |
| 1993 | p. 78 |
| 1994-1996 | p. 79 |
| Taking Ownership | p. 82 |
| Lessons | p. 83 |
| Velocity | |
| Prologue | p. 89 |
| Confidence: The "Flywheel" Turns | p. 95 |
| Capacity to Expand: The First Growth Period - Bigger, 1995-1997 | p. 96 |
| The Great Liquidity Crisis: 1996 | p. 98 |
| Liquidity Crisis into Solid Plans: Lessons | p. 99 |
| Funding Strategy | p. 100 |
| They Are Here Now | p. 100 |
| Branch for Sale | p. 101 |
| ... And One Day They Will Leave | p. 102 |
| The Risk Takers: A New Round of Donors | p. 102 |
| A PC in Every Branch | p. 105 |
| And Now, It's a Calf | p. 108 |
| Pattern Recognition | p. 108 |
| Corruption! | p. 110 |
| ... And Transparency | p. 112 |
| The Changing Capital Structure | p. 113 |
| Union | p. 115 |
| Comrades: Policy and Regulation | p. 115 |
| Growth of Microcredit Programs in Cambodia | p. 116 |
| Enter the Credit Committee for Rural Development | p. 118 |
| The First Policy on Rural Credit | p. 119 |
| Enter the Rural Development Bank | p. 120 |
| Enter the NBC MFI Supervisory Unit | p. 122 |
| The Future and Past Close in on the Present | p. 124 |
| The Right Technical Assistance | p. 125 |
| Capacity to Sustain Growth: The Second Growth Period - Bigger and Better, 1997-2000 | p. 126 |
| Hand in Hand: Ownership & Governance | p. 127 |
| Conflicts of Interest and Conflicts | p. 129 |
| Guns on the Table | p. 130 |
| The Hands Went Up | p. 132 |
| The Failure of Recipes | p. 133 |
| Odyssey | |
| Prologue | p. 139 |
| To Play by the Rules of the Game | p. 141 |
| A Member of the Club | p. 141 |
| What Is NGO Transformation? | p. 142 |
| Reasons to Transform | p. 143 |
| Why Not Transform? | p. 145 |
| The NBC Rules | p. 146 |
| "The Prakas" | p. 147 |
| The Specialized Banking License | p. 149 |
| A Similar Pattern | p. 151 |
| Inspiration: From the Andes to the Mekong | p. 153 |
| The Plan | p. 156 |
| Innovation | p. 159 |
| Benefits, Risks and Costs | p. 159 |
| Uno, Dos, Tres | p. 161 |
| Owners and Workers | p. 161 |
| Competition | p. 163 |
| Preservation of Donor Capital | p. 165 |
| Invitation | p. 167 |
| The Domino Theory | p. 168 |
| What Investors Look For | p. 169 |
| Return on Investment | p. 170 |
| Ownership Structure | p. 172 |
| Strong Institution; Risky Environment | p. 180 |
| Management ... | p. 184 |
| ... And Staff | p. 186 |
| The Exit | p. 188 |
| Interlude: The Third Transformation | p. 190 |
| Performance | p. 191 |
| Lessons | p. 194 |
| Momentum | |
| The Bank You Can Trust | p. 199 |
| Inside ACLEDA Bank | p. 199 |
| The Great Delinquency Crisis of 2001 | p. 201 |
| Tracing the Origins of the Crisis | p. 204 |
| The Big Balloon Inflates | p. 204 |
| When the Balloon Bursts | p. 205 |
| Heart | p. 206 |
| Resolving the Crisis | p. 207 |
| Preventing Another | p. 208 |
| Lessons | p. 210 |
| Commercial Microfinance and Poverty | p. 213 |
| Dogma and Business | p. 213 |
| The Push for a Respectable Rate of Return | p. 213 |
| Mission Drift: Why Continue to Serve the Original Market? | p. 215 |
| Inadequate Measures for a Fuzzy Concept | p. 215 |
| H. Igor Ansoff Frames the Choices for Market Expansion | p. 216 |
| The Market of Last Resort? | p. 217 |
| Mission Drift in a World of Options | p. 218 |
| Existing Markets, Existing Products | p. 219 |
| New Markets, Existing Products | p. 222 |
| Existing Markets, New Products | p. 223 |
| New Markets, New Products | p. 224 |
| Mission Evolution | p. 225 |
| Yesterday, Today and Tomorrow | p. 227 |
| Yesterday - The Nebulous Concept | p. 227 |
| The Customers | p. 228 |
| The Microfinance Institutions | p. 229 |
| The Policy Makers | p. 231 |
| Today - Building an Inclusive Financial Sector | p. 233 |
| And Tomorrow | p. 235 |
| The ACLEDA Legacy | p. 237 |
| Bibliography | p. 241 |
| Technical Note | p. 249 |
| Index | p. 253 |
| Table of Contents provided by Ingram. All Rights Reserved. |
