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Friday, October 10, 2008

OSK Indochina Bank Starts Operations In Cambodia

KUALA LUMPUR, Oct 10 (Bernama) -- OSK Indochina Bank Ltd (OSKIBL) started commercial banking operations in Phnom Penh, Cambodia, today.

With an initial staff strength of 29, it offers a full range of retail and commercial banking products and services as well as foreign exchange and capital market expertise, it said in a statement on Friday.

OSKIBL is wholly-owned by OSK Investment Bank Bhd, a wholly-owned subsidiary of OSK Holdings Bhd (OSK).

The official opening is slated for Oct 20, with the banking licence to be handed to OSKIBL by the Governor of the National Bank of Cambodia.

OSK obtained approval in April from Bank Negara and the National Bank of Cambodia to establish a commercial bank to undertake commercial banking activities.

OSKIBL has an issued and paid-up share capital of US$13 million (RM42.5 million), comprising 13 million shares of US$1 each.

OSK is a regional financial services group listed on the Main Board of Bursa Malaysia Securities since 1991.

The group commenced business in 1963 in Malaysia and has since expanded geographically to several countries in Asia.

It employs 2,500 professionals in more than 50 locations across its network.

OSK's subsidiaries are licensed to conduct investment banking, securities trading and asset management activities in Malaysia, Singapore, Hong Kong and Indonesia.

In Cambodia, OSK operates as a commercial bank. It also has a representative office in Shanghai.
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Thai PM's visit to Cambodia canceled

PHNOM PENH, Oct. 10 (Xinhua) -- The official visit of Thai Prime Minister Somchai Wongsawat to Cambodia has been canceled, an official of the Cambodian foreign ministry said Friday.

The visit was scheduled on Oct. 13. The Cambodian Ministry of Foreign Affairs and International Cooperation did not elaborate the reason of the cancellation.

Meanwhile, the official said that Thai Foreign Minster will come to meet with his Cambodian counterpart Hor Namhong in Phnom Penh on Oct. 13, adding that the two will talk about the border issue.

The canceled visit of Thai Prime Minister is routine visit as part of an ASEAN (the Association of South East Asian Nations) rule that requires all new heads of its member states to greet their neighboring countries after taking office.

Negotiations between Cambodia and Thailand to discuss border demarcation and troop withdrawals have been postponed since late August when political unrest in Bangkok all but froze the operations of the Thai government.
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