A Change of Guard

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Wednesday, 26 September 2012

[American] Citibank sees opportunities in Cambodia: report

Give our kids a better deal
PHNOM PENH,26 September 2012 (Cambodia Herald) - Citibank has offered to underwrite a sovereign bond issue by Cambodia and has long-term plans to establish a branch in the country, according to Live Trading News.

The report said Darren Buckley, country head of the US bank's operations in Thailand, met with Economy and Finance Minister Keat Chhon on Tuesday afternoon.

Mey Vann, head of the financial industry department at the Ministry of Economy and Finance, was quoted as saying that that he urged Cambodia to conduct a sovereign bond issue.

"In the meeting, Darren Buckley urged Cambodia to consider issuing sovereign bonds and promised to act as an underwriter for such bond trading in order to attract more foreign investors to Cambodia," he reportedly said.

Keat Chhon responded that the country had no plan to issue the sovereign bonds in the short term but would consider an issue in the longer term.

Based in New York, Citibank is one of the world's largest banks and also one of the oldest, having celebrated its 200th anniversary in June. The bank has a strong presence in all ASEAN countries except Cambodia, Laos and Myanmar.

For at least a decade, senior bank officials have been saying they are not interested in establishing a presence in Cambodia, arguing that the market is too small.

1 comment:

Anonymous said...

Watchout overdraft fee......