Search form

Login - Register | FOLLOW US ON

Logo of Phnom Penh Post newspaper Phnom Penh Post - Clearification Vattanac Bank

Clearification Vattanac Bank

In response to the February 12 article "Kingdom's Banks at Risk: IMF", The Phnom Penh Post regrets that it identified Vattanac Bank as being at risk from nonperforming loans based on anonymous industry sources. In talks with bank officials following publication, it became evident to The Post these statements were not accurate, as the bank had zero nonperforming loans as of December 31, 2008.

Subsequently, The Post has consulted with key banking executives in Cambodia and examined World Bank reports and come to a view Vattanac Bank is not one of the "two large banks" mentioned in its report. At the end of the financial year 2008, Vattanac Bank's deposits and outstanding loans amounted to US$152,887,637 and $103,887,297, respectively.

Deposits increased by 49 percent while loan growth was 27 percent in 2008. The bank's lending to the real estate sector was 16.03 percent as of December 31, 2008. We regret that we were unable to publish the bank's viewpoint in the timely manner we had hoped for.

0

Comments

Please, login or register to post a comment

Latest Video

Bodies of Cambodian peacekeepers returned to Kingdom

The bodies of four Cambodian peacekeepers killed by a Christian militia in Central African Republic were repatriated to the Kingdom and honoured in an airport ceremony on May 21.

Phnom Penh eats: Ptas Nak Battambang

As the name suggests, Ptsa Nak Battambang – which in English means Battambang's house – is the right place for those who want to try some of the province's typical dishes in Phnom Penh.

Opposition leader Kem Sokha speaks at a rally yesterday in Kampong Chhnang provinc

Opposition leader Kem Sokha said in an interview yesterday that his party is aiming to win more than 60 percent of the votes cast at the June 4 com