THE Bank of India will move to a larger location on Norodom Boulevard, aiming to attract increased business from both Cambodian and Indian clients, said Chief Manager Sripada Rao.
The Mumbai, India-based bank first opened in the Kingdom in 2009 headquartered on the capital’s Monivong Boulevard.
“Over the last two years, we have developed rapidly and are doing business well,” said Sripada Rao. “Hopefully we will bloom in the Cambodian market.”
Although world markets have been in turmoil following rating agency Standard and Poor’s downgrading of the United States’ credit rating on Friday, Sripada Rao said the Bank of India is well positioned to withstand economic concerns.
“We are one of the biggest and best-experienced banks, with nearly a 100-year history in India. There will be some challenges and big competition, but no problems with our bank,” he said.
The bank aims to tap into the 2,000 Indians now doing business in Cambodia, a number which is continually increasing, he said. The domestic economy is also expanding, providing increased opportunities for the bank.
Saurav Ray, the first secretary of the Indian Embassy in Phnom Penh, said the bank provides particular assistance for Indians in the Kingdom.
“Cambodia’s economy is much more developed than before, and brings a top opportunity for banking. We are happy Bank of India came here and is expanding more,” he said yesterday.
The Bank of India will now reside in the iCon building on Phnom Penh’s Norodom Boulevard. The National Bank of Cambodia 2010 annual oversite report shows it lost US$157,000 last year, while its loans totalled $1.4 million.
The bank was founded in 1906 in Mumbai, and now boasts 4,000 branches in India as well as 29 international branches. International business accounts for about 17.82 percent of its total business, according to the company website.