A Change of Guard

សូមស្តាប់វិទ្យុសង្គ្រោះជាតិ Please read more Khmer news and listen to CNRP Radio at National Rescue Party. សូមស្តាប់វីទ្យុខ្មែរប៉ុស្តិ៍/Khmer Post Radio.
Follow Khmerization on Facebook/តាមដានខ្មែរូបនីយកម្មតាម Facebook: https://www.facebook.com/khmerization.khmerican

Saturday, 1 October 2011

Taiwan leading bank launches operations in Cambodia

Updated: 1st October, 2011

PHNOM PENH (Xinhua)- The Mega International Commercial Bank (Mega ICBC) from China's Taiwan on Friday opened its first branch here, aimed at attracting more investors from Taiwan to the Kingdom.

"The presence of Mega ICBC will inject capital investment in the economy of Cambodia," the bank's president Cai You Cai said during the launching ceremony. "Through the bank, more companies from Taiwan will invest in Cambodia."

Cai said that Cambodia's rapidly economic growth and political stability had motivated the bank to decide to put the investment here.

The Mega ICBC is one of the leading banks in Taiwan region. It has 108 branches in Taiwan along with 33 overseas branches, representatives and subsidiaries, he said, adding that the bank had been rated by the world's top three credit rating agencies as "the best credit rating" among Taiwan's banks.

Taiwan is the fifth largest investor in Cambodia with the accumulative investment reaching $823 million from 1994 to July 2011, according to the reports of the Council for the Development of Cambodia.

The Mega ICBC is the 29th commercial bank in Cambodia with the initially registered capital of $37.5 million in accordance to Cambodia's banking law.

Speaking during presiding over the Mega ICBC-Phnom Penh Branch launching, Neav Chanthana, vice-governor of the National Bank of Cambodia, said the presence of the Mega ICBC has truly reflected the foreign trust on Cambodian banking industry.

"It will bring new sources of capital to Cambodia and also new and sophisticated banking solutions for developing Cambodian banking industry," she said. "Through the bank, I believe that more investors from Taiwan Island will come to do business in Cambodia."

Chanthana said that Cambodia's banking industry has grown well in recent years. Currently, the total current assets in the industry are equal to about 56 percent of the GDP.

The country's GDP in 2010 was roughly $11.7 billion.

By June this year, 9 percent of the country's 14.3 million people have bank accounts, up from just 6 percent in 2004, she added.

No comments: