Search form

Login - Register | FOLLOW US ON

Logo of Phnom Penh Post newspaper Phnom Penh Post - South Korean lender has Camko in its sights

South Korean lender has Camko in its sights

Korean loan provider Rush and Cash has been selected as the preferred bidder for Camko Specialised Bank, after 100 per cent of its shares were put up for sale last month by a South Korean state-run deposit insurer.

The sale, announced on Monday on the website of Korea Deposit Insurance Corp (KDIC), will see Rush and Cash, a consumer financing brand of Apro Financial Group, acquire the specialised bank after its major shareholder, Busan Mutual Savings Bank, went bankrupt in 2011.

KDIC expects to finalise a sale and purchase agreement by March 31, it said. The sale follows four earlier attempts to sell the Cambodian specialised bank.

Camko, with $12.6 million in assets, had a non-performing loan rate of 60 per cent, or more than $4 million, most of which was linked to customers who purchased residential units in Camko City, a satellite city being built on the outskirts of Phnom Penh by Korean developer World City and bankrolled by Busan.

KDIC was directed by South Korean courts to dilute the stake of two Busan affiliates – Busan and Busan 2 Savings Banks – to recover money it paid Korean investors as insurance.

0

Comments

Please, login or register to post a comment

Latest Video

ACLEDA’s boss on how tech is changing financial services

In today’s world of fast-changing technology, Cambodia is seeing increasing innovation in financial services.

ACLEDA President In Channy on the key to the bank’s success

Post Khmer Editor-in-Chief Kay Kimsong sat down with Dr In Channy, President and Group Managing Director of ACLEDA Bank Plc, to explore the main principle guiding Cambodia’s biggest bank.

A taste of Phnom Penh's first container night market

At the launch of Phnom Penh's newest market, The Post spoke to customers and stallholders about what the hub of bars, food stalls, shops and live music will add to the city's nightlife.