KUALA LUMPUR: Hwang-DBS (Malaysia) Bhd has been granted an approval in principle by the central bank of Cambodia to set up a wholly owned commercial banking subsidiary, Hwang-DBS Commercial Bank Plc (HDCB) in that country.
Hwang-DBS said yesterday HDCB would have a paid-up capital of US$20 million (RM72 million) and was required to start business operations by July 31, 2009.
It said Cambodia’s economy gained momentum and dynamism by growing at an average rate of 9.6% per annum from 2000-2007, and foreign investments and portfolio inflows had also increased in the last few years.
Hwang-DBS said with the establishment of the commercial bank, the group would be able to participate in the country’s rapid economic growth and to expand the group’s business beyond the domestic market.
The banking group said the proposed establishment of HDCB was also subject to the approval of Bank Negara Malaysia, which gave its approval on Aug 15, 2008.
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