ICBC-U.S.' Citibank eyes business opportunities in Cambodia

M2 Communications

ENP Newswire - 27 September 2012

Release date- 26092012 - Citibank, one of the largest banks in the United States, is seeking for investment opportunities in Cambodia, a bank senior official said Tuesday.

During a meeting with Cambodian Deputy Prime Minister and Finance Minister Keat Chhon on Tuesday afternoon, Darren Buckley, country head of the Citibank in Bangkok, expressed the bank's interest to invest in Cambodia and urged the country to issue ' sovereign bonds', Mey Vann, head of the Finance Ministry's financial industry department, told reporters after the meeting.

'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,' said Mey Vann.

Sovereign bonds are the bonds issued by the government in either local currency or foreign one.

Meanwhile, Keat Chhon said that for a short-term strategy, the country has no plan to issue the sovereign bonds, but it will be in a long-term outlook.

According to Darren, the bank is also planned to open a branch in Cambodia in its long-term vision.

Established in 1812 in New York, Citibank has more than 4,600 branches in 160 countries and regions around the globe including Thailand and Vietnam.

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