Bank of China expands operations in Cambodia

Xinhua | 2012-12-13

The Bank of China Phnom Penh Branch opened its first sub-branch on Wednesday after its presence in the country for a year and a half.

Addressing the opening ceremony, Ouk Maly, deputy governor of the National Bank of Cambodia, said the sub-branch showed the willingness of the banks management and shareholders in long-term investment in Cambodia.

She said it would bring about convenience to the customers through more comprehensive services and branch expansion.

The bank officially launched its operations in Cambodia in May last year.

"Despite its early establishment, the bank operation has demonstrated considerable growth," she said. "The opening of the sub-branch is a major contribution to Cambodia banking sector in terms of fulfilling the need of financial services of the general public."

"It clearly is another positive sign that displays the growth and more confidence from local and foreign investors, particularly Chinese investors, in banking sector," she said.

Chen Changjiang, Chief Executive Officer of the Bank of China Phnom Penh Branch, said the bank total asset had reached 420 million US dollars and its customer deposits 350 million dollars.

"In terms of the largest capital and deposit, the bank is ranked No. 5 among the kingdom's 32 commercial banks," he said. " Also, the bank is rated No. 1 for payment settlement in Renminbi ( RMB), or known as Chinese Yuan or CNY, in Cambodia."

At the event, Jin Yuan, economic and commercial counselor of Chinese Embassy to Cambodia, hailed the Bank of China Phnom Penh Branch for its rapid growth in both loans and deposits.

"The opening of the sub-branch reflects China's confidence in Cambodia's banking market and political stability," he said. "We believe that the bank will open more sub-branches in the future and more Chinese companies will come to invest in Cambodia."

Bank of China is a state-owned public listed bank in China and is a leading commercial bank in the world.

According to the National Bank of Cambodia, Cambodia now has 32 commercial banks, seven specialized banks, and 35 micro-finance institutions. The sector is serving about 1.9 million depositors and 1.6 million borrowers.