Logo of Phnom Penh Post newspaper Phnom Penh Post - ANZ takes ‘opportunistic’ view towards Royal Tower

ANZ takes ‘opportunistic’ view towards Royal Tower

ANZ takes ‘opportunistic’ view towards Royal Tower

110120_8b
CEO of ANZ Banking Group Mike Smith, visiting Cambodia, said the company would continue to build and grow in the Kingdom.

The chief executive officer of ANZ Banking Group said yesterday the bank would take an “opportunistic” approach towards the 36-storey Royal Tower, following reports that the Cambodian conglomerate behind it was still raising capital for the project.

The Royal Group-backed tower is set to be located in Phnom Penh, at the corners of Monivong and Russian Federation Boulevards.

Artist impressions of the proposed tower on The Royal Group’s website prominently display the ANZ Royal logo on the building.

Construction was slated to be completed by mid-2013 with the tower set to be “Phnom Penh’s first Grade A office building by Hong Kong standards,” according to the Royal Group’s website yesterday.

However, media reports from October claimed the Royal Group was still in negotiations with investors in order to complete funding for the project.

ANZ Bank chief executive officer Mike Smith did not reveal any specific plans for building yesterday at a press conference announcing the ANZ Royal Bank’s new logo.

“We’re continuing to look at the opportunities that we have,” the Australia-based CEO Mike Smith. “Within the country, we will continue to build and grow – and if the opportunity arises I’ve no doubt something will happen.”

When asked about a timeline, he said “these things are opportunistic.”

Smith unveiled the new ANZ Royal Bank logo yesterday at the bank’s Cambodian headquarters, which he said brought it into line with the firm’s logos in its other markets.

ANZ Royal Bank is 55 percent owned by ANZ Bank, and 45 percent by the Kingdom’s conglomerate Royal Group.

“I think it’s important symbolic that it ties Cambodia into the group of regional presence that ANZ Group has in 32 countries around the region,” Smith said.

He added the new logo was meant to represent ANZ’s three main locations of businesses, including Australia, New Zealand, and Asia-Pacific.

The unveiling was also attended by Royal Group chairman Kith Meng and ANZ Royal Bank chief executive officer Stephen Higgins.

MOST VIEWED

  • First Cambodian woman graduates from Japan’s NDA military academy

    A few years ago, Meach Sithyka Jessica became the first-ever Cambodian woman to graduate from the US Military Academy at West Point, and since then her courage and determination has served as an inspiration for other Cambodian women. Similarly, Ly Chansocheata became the first Cambodian

  • Construction begins on $1.5B Kampot seaport

    The International Multi-Purpose Logistics and Port Centre, principally invested by Kampot Logistics and Port Co Ltd and projected to cost $1.5 billion, has officially broken ground in Bokor town, Kampot province. The multi-purpose logistics and port centre, located in Prek Tnaot commune, will be built on

  • Cambodia eyes key role in electronics, auto hubs in SEA

    Two roadmaps, part of the LDC’s economic diversification plan, were designed to see it through its migration process, but experts say the journey might be arduous, particularly in the presence of two established hubs in the region By 2028, Cambodia hopes to have exited the

  • Hun Neng, lawmaker and PM’s brother, passes away aged 72

    Hun Neng, chairman of the 4th Commission of the National Assembly, has passed away from heart disease at the age of 72 on the afternoon of May 5, according to the Ministry of Information. Hun Neng is the older brother of Prime Minister Hun Sen, and was

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with

  • PM meets with US business giants

    Prime Minister Hun Sen has met with a number of major US companies who have expressed interest in investing in Cambodia, in a meeting convened by the US-ASEAN Business Council (US-ABC). A delegation of companies – including Amazon, Meta, Chevron, ConocoPhillips, ExxonMobil, Ford, Visa and Pernod