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Monday, May 10, 2010

CIMB given bank licence in Cambodia

CIMB Group (1023), Malaysia's second largest banking group by assets, has obtained the approval of Cambodia's central bank to offer banking services in the country.

It said the in-principle approval allows its commercial banking arm, CIMB Bank, to operate a wholly owned subsidiary in the country of 14 million people.

The group is required to set up its operations within six months.

"The group plans to establish its headquarters in Phnom Penh as soon as possible," its group chief executive Datuk Seri Nazir Razak (picture) said in a statement yesterday.
CIMB's entry into Cambodia means that it now has a presence in eight of the 10 countries in the Association of South-East Asian Nations (Asean).

"This move further cements our position as a leading Asean franchise. We are excited about the long-term prospects for the Cambodian economy and believe we can contribute to the development of the domestic banking market and facilitate more trade and investment flows between Cambodia and other Asean markets," Nazir said.

Other Malaysian banks with a presence in Cambodia include Malayan Banking and Public Bank.

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