Search form

Login - Register | FOLLOW US ON

Logo of Phnom Penh Post newspaper Phnom Penh Post - Finance: Second Taiwanese bank gets approved

Finance: Second Taiwanese bank gets approved

The National Bank of Cambodia has approved Taiwan’s Cooperative Bank to establish a branch in Phnom Penh, Taiwan’s Economic Daily News reported.

It would be the second Taiwanese bank to enter Cambodia’s banking sector, which experts have said is overcrowded. Taiwan’s Mega International Commercial Bank opened in early October, the Post reported.

There are reportedly 38 banks operating in the Kingdom. Cooperative Bank opened a branch in Australia earlier this year, part of an effort to expand its footprint overseas, according to the bank’s website.

The bank has 306 domestic and overseas branches in countries such as the Philippines, China and the United States, according to the website. Representatives from the bank were not available for comment yesterday.

Cai Youcai, president at the Mega International Commercial Bank, said at the bank’s opening that Taiwanese banks in Cambodia would encourage more Taiwanese investment in the county, while also providing financing to locals.

0

Comments

Please, login or register to post a comment

Latest Video

Turkish Embassy calls for closure of Zaman schools

With an attempted coup against the government of President Recep Erdogan quashed only days ago and more than 7,000 alleged conspirators now under arrest, the Turkish ambassador to Cambodia yesterday pressed the govern

CNRP lawmakers beaten

Two opposition lawmakers, Nhay Chamroeun and Kong Sakphea were beaten unconscious during protests in Phnom Penh, as over a thousand protesters descended upon the National Assembly.

Student authors discuss "The Cambodian Economy"

Student authors discuss "The Cambodian Economy"

Students at Phnom Penh's Liger Learning Center have written and published a new book, "The Cambodian Economy".