Tycoon Kith Meng, the new business rising star "by leaps and bounds" of Cambodia, finally reaps the divident of his close association with the first family of Cambodia.ANZ Royal's Parent Company Posts Record Profit This Year
By Erik Wasson
THE CAMBODIA DAILY
In Cambodia, ANZ Royal now has over 24,000 customers and $170 million in deposits, allowing it to capture 14 percent of the consumer banking market.Australia and New Zealand Banking group, one of the parent companies of Cambodia's ANZ Royal, posted record profits this year, but its new Cambodian joint venture is still in its growing stages, ANZ Royal's CEO said Monday.
ANZ Royal is a joint venture between ANZ, which controls 55 percent of the bank, and the Royal Group, headed by Kith Meng, president of the Phnom Penh Chamber of Commerce and who also operates MobiTel and CTN.
ANZ had a record after-tax profit of $2.83 billion in the 12 months ending Sept 30, according to its annual report released Thursday. Personal banking services were key to this 16 percent increase in profits, the bank said.
An exception to the growth was ANZ's partnerships division, which includes ANZ Royal, as well as banks in China, Vietnam, Indonesia and the Philippines. Profits decreased in this sector of the company by 4 percent, but the bank said that this was due to investment in growth.
Operating expenses for the partnerships division had increased 24 percent in part "due to the first full year of operations in Cambodia" and credit card business in Indonesia, the annual report states.
Dean Cleland, ANZ Royal CEO, wrote in an e-mail that the investment in ANZ Royal in its first year should pay off in the future.
"In terms of Cambodia, we are still very much in the establishment phase," he said.
He said that ANZ Royal, which opened offices in August 2005, now has over 24,000 customers, $170 million in deposits, allowing it to capture 14 percent of the Cambodian consumer banking market
"We are building a business which has long term sustainability and that means some short-term shareholder sacrifices around profits," Cleland wrote, adding that ANZ Royal is not focusing on short-term profitability.
In addition to the seven branches it now has in Phnom Penh, Siem Reap town and Sihanoukville, ANZ Royal plans to open locations in Poipet commune and Battambang and Kompong Cham provinces, he said.
8 comments:
If he is really that rich why he still steal people land and resold to Australia Embassy? He should pay all residence the true values which he has sold and then just charge them commission. Where he got all his monies from the first place????????????????????????? People are wondering how he got those monies from?????????????
Way to go Kith Meng! He's probably the only tycoon in Cambodia that's not into the oil, casino and "agriculture" business.
Last year i was a client of ANZ bank in PHNOM PENH. Last november I was asking information about how much does it cost send money from EUROPE to CAMBODIA. By chance that day i met the AUSTRALIA DIRECTOR - paul ..... - that kindly assured me about the cost: 10 USS.
Seven days later my money arrived. The cost: 52 USS !!! They explained me because the money passed through the CHASE MANHATTAN BANK . I closed my account.
BEWARE OF HIDDEN COSTS
Kith Meng,
If you have that much money, why don't you consider giving some back to the Cambodian people who have made you rich by building proper housing for those villager that was and are being forced out of their land by the CPP.
I'm sure when you relocate them you can provide cottage housing with clean running water, sewage treatment and electricity...that is all they need if you want their land. Instead of dumpping them with on plastic sheet to as mean of shelter...think about it if you were in their position.
Oh no! HE IS SOSOOSOSO STINGY! I SAW HIM HANDED MONEY ONLY TO HIS GIRLS NOT POOR KHMERS OR BEGGARS ON THE STREETS. Well, I WILL TEACH HIM HOW TO GIVE BACK to KHMERS or the COUNTRY when i return to Cambodia.. Just pray for me!
I will , In the term of business ,not of politics, he is really clever to get this point. hopefully, he will be able to do much more to help the whole county. hm...ask yourself whether you can give away your property$$$$$$ if likely not, just image how extremely hard for him to do so
Hello 12:03AM, You must be of of his employee to say so. He did business in Cambodia with the protection of Hun Sen. Therefore he used monopoly system with back up ( tiger and lion )to make monies. This system is not opened to other people which against fair trading system. He used powerfull people to protect his interest eg he operated telephone business and he paid the minister of telecommunication to protect him by letting him charging his service very hight and stop other competitor into the market. This kind of business is illegal in werestern countries and should be prosecuted by making this amn bankrupcy. He used hun Neng now as backer ( his father in law), Neth savoeurn, and Hun To to protect him. Why cann't he be rich?
Hm may be u r right. it is illegal practice in western countries! but law does not exist in the land controlled by a group of pigs. u agree?
In Rome, do as romans do.
still being student learing abraod , trying the best to follow the right actions!!!
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