Logo of Phnom Penh Post newspaper Phnom Penh Post - Bank of China opens branch for business

Bank of China opens branch for business

Bank of China opens branch for business

CAMBODIA’S first Bank of China branch opened in Phnom Penh’s tallest building yesterday, in order to test its operational systems before an official launch later this month.

“Today is the first working day for us,” said Yang Yun Xia, head of the Corporate Business Department of the Bank of China, at the offices in Canadia Tower. She said that from now on, customers can open bank accounts and do business at the bank.

“We haven’t decided the date of the grand opening yet,” she added.

The Bank of China was given in-principle approval by the National Bank of Cambodia in June to operate in the Kingdom. Its first branch occupies a 745-square-metre area on the first and second floor of Canadia
Tower, after the firm signed a rental agreement in September this year.

The Bank of China is one of a number of foreign banks to receive NBC approval this year, following permits for the Bank of Agriculture and Rural Development of Vietnam and Malaysia’s CIMB Group.

Officials from the Industrial and Commercial Bank of China have also voiced ambitions to open in Cambodia, after being granted in-principle approval from NBC in November.

As the thirtieth commercial bank to operate in Cambodia, Bank of China has already signed a refinancing deal with domestic mobile provider Mobitel worth US$591 million.

MOST VIEWED

  • Diplomatic passports issued to foreigners to be annulled

    The Ministry of Foreign Affairs and International Cooperation will move to annul diplomatic passports issued to those not born in Cambodia. Analysts say the move may be in relation to reports that former Thai prime minister Yingluck Shinawatra used a Cambodian passport to register as

  • Hun Sen warns Irish MP of EBA ‘mistake’

    Prime Minister Hun Sen on Saturday told former Irish premier Enda Kenny, still a member of the EU nation’s parliament, that the 28-nation bloc should not make a “third mistake” regarding Cambodia by using the preferential Everything But Arms (EBA) agreement to “take 16 million

  • The hairy little heroes saving many lives in rural Cambodia

    IN RURAL Siem Reap province, rats dare to tread where no person will, as these hairy little heroes place their lives on the line each day for the good of the local community. The rodents are the most important members of a special team, leading

  • PM warns EU and opposition on 34th anniversary of his rule

    HUN Sen reached the milestone of 34 years as Cambodian prime minister on Monday and used the groundbreaking ceremony for a new ring road around Phnom Penh to tell the international community that putting sanctions on the Kingdom meant killing the opposition. “Please don’t forget