Logo of Phnom Penh Post newspaper Phnom Penh Post - Banking: Malaysia's CIMB Group gets the nod

Banking: Malaysia's CIMB Group gets the nod

Banking: Malaysia's CIMB Group gets the nod

Banking
Afifth Malaysian bank is slated to launch in Cambodia later this year after receiving approval from the National Bank of Cambodia (NBC), according to NBC Director General Tal Nay Im. The NBC granted approval in principle for the CIMB Group to set up and operate banking services in Cambodia, Tal Nay Im told the Post Monday. “The approval is the first step to enable the bank to prepare itself to open branch in Cambodia,” she said. “So when the group is ready to set up its operations in Cambodia within six months, we will issue CIMB the licence.” CIMB would become the 28th commercial bank in Cambodia. “We are excited about the long-term prospects for the Cambodian economy. We believe we can contribute to the development of the domestic banking market while facilitating more trade and investment flows between Cambodia and other ASEAN markets,” CIMB Group Chief Executive Nazir Razak, was quoted as saying by the Bernama news agency. Eang Sophalleth, spokesman for Hun Sen, said Monday that the prime minister agreed during bilateral trade talks that CIMB Group be given a licence to offer banking services.

MOST VIEWED

  • Hun Sen ready to ‘break record’, says Rainsy lost

    Caretaker prime minister Hun Sen used a meeting with 18,400 factory workers on Wednesday to predict that he would beat the record for being the world’s longest-serving non-royal leader. He also used the platform to slam political opponent Sam Rainsy who he said had lost

  • Sihanoukville land prices skyrocketing amid breakneck development

    Sihanoukville, the Kingdom’s most famous beach destination for tourists, is seemingly becoming a paradise for Chinese investors as well. The huge influx of Chinese investors has caused property values to rise, especially the price of land, which has nearly doubled in some places near

  • US names new ambassador to Cambodia

    US President Donald Trump on Friday appointed W Patrick Murphy as the new US Ambassador to Cambodia, replacing incumbent William A Heidt. A press release posted on the White House’s website said nominee W Patrick Murphy is currently acting principal deputy assistant secretary at

  • Kingdom is at a crossroads between East, West after poll

    It was dubbed a success by caretaker prime minister Hun Sen after the electoral victory of his Cambodian People’s Party (CPP), which is poised to take all seats in the National Assembly. But the July 29 national election has not been positively looked at by