The Thai Bangkok Bank has opened a new branch in Cambodia with full financial services for Thai and foreign customers. The new bank also targets local clients, clients’ trading partners, foreign investors and Cambodian businesses.
The new branch in Cambodia, managed by Yiamsri Ubonpong opened yesterday after the National Bank of Cambodia granted it a licence to operate in December, and it will provide services such as deposits, business lending, trade services, foreign currency transfers and currency exchange services, according to a press release.
“During the past 10 years, Cambodia’s economy has had an average real growth rate of 7.9 per cent and is expected to grow by an average of 6.7 – 7.4 per cent over the next three years as regional trade and investment expands after the ASEAN Economic Community (AEC) is formed at the end of 2015,” Bangkok Bank President Chartsiri Sophonpanich said.
“Cambodia also has other attractive features, such as special trading privileges, an abundance of natural resources that are vital to the economy, and low wages. Moreover, the government has a policy of encouraging foreign investment, with no limits on shareholding or capital controls, no restrictions on fund transfers out of the country, reduced income taxes, import and export tax exemptions, supporting international investment in transportation development, as well as revising laws and regulations to keep them up-to-date. These factors will attract more businesses to invest in Cambodia and present ideal opportunities for Bangkok Bank to facilitate and meet the needs of customers doing business in the country,” Chartsiri said.
The addition of this Cambodian branch highlights Bangkok Bank’s goal of becoming a leading regional bank, catering to customers from the agricultural sector to the industrial sector to the service sector.
Since Bangkok Bank expects most of its customers to be Thai businesses and contacts from the bank’s international network wanting to expand into Cambodia, the Cambodian branch plans to offer services to its customers’ trade partners – as well as new, local customers – by providing information and advice for investing in Cambodia. There will also be advising services for Cambodians wishing to expand their business to other countries through Bangkok Bank.
Bangkok Bank aims to provide everything its customers need, so they can reach success in financial endeavors by seeking opportunities for its clients, as well as providing them with the support of their well-established international network. The international network connects investors, financers and entrepreneurs in businesses partnerships world-wide across all sectors.
Chartsiri added that the bank recruited and trained local employees and will continue to develop their banking skills by teaching them about business systems and financial products.
Bangkok Bank was established on December 1, 1994, and has total assets of around $82,000 million. The bank has a network of 1,200 branches in Thailand and 30 branches in 14 international economies. Their services have extended to 9,000 ATMS, 1,200 cash deposit machines and mobile banking, enabling customers throughout Thailand and internationally.