Xinhua
Bank of China has officially begun its branch in Cambodia on Saturday, and its Phnom Penh Branch is the first lender from China in the country and is the Kingdom's 30th commercial bank.
Deputy Prime Minister and Finance Minister Keat Chhon believes that the bank's presence here would contribute to the development of Cambodian economy.
"The bank will provide advantages and positive inputs to Cambodia to boost its banking industry and economic growth," he said during the launching ceremony, which was attended by about 200 bankers, local and Chinese businesspeople in Cambodia.
"I would like to encourage the bank to focus its loans on agricultural sector in order to help Cambodian government to develop this sector, which is one of the four pillars supporting the country's economic growth," he said.
Chea Chanto, the governor of National Bank of Cambodia, said the bank's presence reflected the confidence of Chinese investors in Cambodian market.
"With the presence of the bank, it would bring new technology and innovative banking products to develop Cambodian banking industry," he said.
He said that by the end of 2010, the customers' deposits in the banking sector grew by 26 percent to 4.16 billion U.S. dollars, while the customer credits increased by 26.7 percent to 3.18 billion U.S. dollars.
The country has the population of 14.3 million, of which, 1.35 million people have used banking system, he added.
Meanwhile, Yue Yi, executive vice president of Bank of China, said the presence of the bank in Phnom Penh demonstrates the evidence of the comprehensive strategic partnership of cooperation between China and Cambodia.
"We would help support large Chinese firms doing business in Cambodia, especially those in infrastructure projects, hydropower dams, agriculture, and special economic zones," he said. "It is in line with the policy of China in helping to develop Cambodia's economy."
He said that as the bank's loan targets are mainly on huge projects, so he believes that the bank's presence here will not affect existing local banks and the bank is looking forward to cooperating with all of them.
He said that the Bank of China Phnom Penh branch will be a center for Chinese yuan RMB settlement, clearance and remittance.
"We hope that the National Bank of Cambodia will include Chinese currency into its central clearing system for banking settlement in order to promote the presence of Chinese currency in Cambodian markets."
Cambodia sets to launch its stock market in July this year. Yue Yi said the Bank of China will actively participate in the upcoming stock market through providing clearance and settlement services.
"We will also provide funding to companies in the stock market and other market players," he added.
Chen Chang Jiang, chief executive officer of Bank of China Phnom Penh Branch, said that Cambodia's financial market is relatively small at the moment, but it has lots of room to grow.
"We set our stance firmly in Cambodia, we are committed to grow stronger in Cambodian banking market," he said.
Bank of China is among the four largest banks in China. Its total asset is over 11 trillion Chinese yuan (1.7 trillion U.S. dollars), with branches in 31 countries around the world.
2 comments:
Koh Tral Island must not be forgotten
By Ms. Rattana Keo
Why do Koh Tral Island, known in Vietnam as Phu Quoc, a sea and land area covering proximately over 30,000 km2 [Note: the actual land size of Koh Tral itself is 574 square kilometres (222 sq miles)] have been lost to Vietnam by whose treaty? Why don’t Cambodia government be transparent and explain to Cambodia army at front line and the whole nation about this? Why don't they include this into education system? Why?
Cambodian armies are fighting at front line for 4.6 km2 on the Thai border and what's about over 30,000km2 of Cambodia to Vietnam. Nobody dare to talk about it! Why? Cambodian armies you are decide the fate of your nation, Cambodian army as well as Cambodian people must rethink about this again and again. Is it fair?
Koh Tral Island, the sea and land area of over 30,000 square kilometres have been lost to Vietnam by the 1979 to 1985 treaties. The Cambodian army at front line as well as all Cambodian people must rethink again about these issues. Are Cambodian army fighting to protect the Cambodia Nation or protecting a very small group that own big lands, big properties or only protecting a small group but disguising as protecting the Khmer nation?
The Cambodian army at front lines suffer under rain, wind, bullets, bombs, lack of foods, lack of nutrition and their families have no health care assistance, no securities after they died but a very small group eat well, sleep well, sleep in first class hotel with air conditioning system with message from young girls, have first class medical care from oversea medical treatments, they are billionaires, millionaires who sell out the country to be rich and make the Cambodian people suffer every day.
Who signed the treaty 1979-1985 that resulted in the loss over 30,000 km2 of Cambodia??? Why they are not being transparent and brave enough to inform all Cambodians and Cambodian army at front line about these issues? Why don't they include Koh Tral (Koh Tral size is bigger than the whole Phom Phen and bigger than Singapore [Note: Singapore's present land size is 704 km2 (271.8 sq mi)]) with heap of great natural resources, in the Cambodian education system?
Look at Hun Sen's families, relatives and friends- they are billionaires, millionaires. Where did they get the money from when we all just got out of war with empty hands [in 1979]? Hun Sen always say in his speeches that Cambodia had just risen up from the ashes of war, just got up from Year Zero with empty hands and how come they are billionaires, millionaires but 90% of innocent Cambodian people are so poor and struggling with their livelihood every day?
Koh Tral was a Cambodian island, and technically and legally, remained a Cambodian island until today.
Smart Khmer girl Ms. Rattana Keo,
Thai is an asian trator of the southeast asia since world war i and world war 2. Thai allowed the white to use their country to attack all asian nations including but limited to, USSR, Viet, Khemer, Chinese, Japany, Burma, Loas, Indonesia and more. In other words they helped the white to attack their neighbouring countries instead of loving your neighbours like you loved yourself. Therefore, now is the time to reflect back about what went wrong in southeast asia. The end has to come and it has to be done on earth and as it is in heaven. Asian nations have to make Thai nation pay for what they have done for over centuries.
I warned Thai to stay away from Khmer but they insisted to continue to do more harm, so from here there will be no more mercy on for you since you have done so much damaged to us. It is called "karma' and now is the time for all asian nations to come together targeting the Thai trator.
Wisdom
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