theedgemalaysia.com |
The Edge Malaysia
KUALA LUMPUR (March 1): Hong Leong Bank Bhd (HLB) has established a
commercial- banking unit in Cambodia. The move will see the Malaysian
entity starting operations in the Indochina country within the first
half of this year.
In a statement to Bursa Malaysia today, HLB
said it had yesterday (February 28) obtained the certificate of
incorporation for its wholly-owned subsidiary Hong Leong Bank (Cambodia)
PLC (HLBCAM) from Cambodia's Commerce Ministry.
"The capital of
HLBCAM is US$37.5 million which is approximately equivalent to RM116.18
million at current exchange rates. HLBCAM shall commence operations in
Cambodia within six months from the date of issuance of the approval in
principle," HLB said.
The National Bank of Cambodia had on
January 11 this year given approval in principle to HLB to set up and
operate a wholly-owned commercial bank subsidiary in Cambodia.
HLB said its move to establish a presence there is in tandem with the group's plan to expand its reach within Asia.
"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 company said.
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