Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - New bank to focus on real estate

New bank to focus on real estate

New bank to focus on real estate

Real estate financier Oxley Worldbridge Specialized Bank officially launched operations in Cambodia yesterday.

Despite being the 11th entrant into Cambodia’s specialised banking market, the owners of the Kingdom’s newest bank are confident there is room in the industry for financial institutions catering for the property sector.

“Our plan is to help small and medium enterprises and also to help home buyers to own a home by giving loans with competitive rates,” Ching Chiat Kwong, chairman of Oxley Worldbridge Specialized Bank said yesterday.

“I think by comparing us to rival banks or competitors, we will be very competitive,” the chairman added.

With a start-up capital of $30 million, the new financial institution has been established jointly by the owners of Oxley Worldbridge (Cambodia) – a locally-\ based property management company – and Singaporean-owned Oxley Holdings Limited and Worldbridge Land (Cambodia).

The specialised bank aims to gain new clients from its existing property management business, Oxley-Worldbridge officials said yesterday at the launch.

Ouk Maly, deputy governor of the National Bank of Cambodia, welcomed the latest entrant to the market yesterday, a move she said reflected confidence in Cambodia’s banking sector.

“Cambodia’s banking system continues to grow in both scope and scale by focusing on the customer base, new financial products and modern technology,” she said at the launch event in Phnom Penh yesterday.

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