Posted on 3 March 2013
PETALING JAYA (March 3, 2013):
Hong Leong Bank Bhd (HLB) has received approval from Cambodia's Ministry
of Commerce to open a wholly-owned, locally incorporated commercial
bank in Cambodia.
This follows the grant of an approval-in-principle by the National Bank of Cambodia on Jan 11, 2013.
HLB said with a capital of US$37.5 million (RM116.2 million), Hong
Leong Bank (Cambodia) Plc will commence operations in Cambodia within
six months from Jan 11.
"With the establishment of a bank in Cambodia, HLB will be able to
contribute to the banking sector as well as the broader economy of
Cambodia, which has a population of over 14 million," the bank said in a
filing with Bursa Malaysia on Friday,
"This is part of HLB's commitment to its regionalisation agenda and deepening presence in Asia."
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