Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Chinese bank restructures Cambodian operations

Chinese bank restructures Cambodian operations

Chinese bank restructures Cambodian operations

Bank of China (BOC), one of the five biggest state-owned commercial banks in China, announced yesterday that it will restructure its Cambodia operations away from the parent company by selling the assets to BOC Hong Kong for $171 million in two separate transactions subject to regulatory approval.

BOC Hong Kong will also acquire Indonesia operations from BOC for $206 million.

“The proposed acquisitions of these two branches will further expand BOC Hong Kong’s regional network, in line with the long-term overseas development strategy of the BOC Group,” BOC Hong Kong’s chief executive Yue Yi said in a statement.

BOC launched operations in Cambodia in 2010 and has two branches. The bank has announced plans to open additional branches in Sihanoukville and Siem Reap.

The bank’s Cambodian operations recorded a profit of $10.2 million in 2015, an increase of 36.8 per cent compared to the previous year, according to its latest published annual report.

The Phnom Penh branch saw cross-border settlement volumes of $2.9 billion in 2015, an increase of 80 percent year-on-year.

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all