Logo of Phnom Penh Post newspaper Phnom Penh Post - BRED bank to carve out a niche in the market

BRED bank to carve out a niche in the market

A picture taken in Paris shows a logo of the French Bred Banque Populaire in 2010. Bred will be the first European bank to open its doors in the Kingdom since the 1990s. AFP
A picture taken in Paris shows a logo of the French Bred Banque Populaire in 2010. Bred will be the first European bank to open its doors in the Kingdom since the 1990s. AFP

BRED bank to carve out a niche in the market

Bred Banque Populaire – part of the second-largest banking group in France – officially launched operations in Cambodia yesterday after a ribbon-cutting ceremony at its headquarters, marking the first venture of a European bank in the Kingdom since the late 1990s.

Guillaume Perdon, chief executive of BRED Bank Cambodia, said yesterday that the financial institution would offer tailor-made products geared for Cambodia’s fast-growing economy, according to a press release.

“Our objective is to close the gap and offer Cambodian people a trustful interlocutor with whom to talk freely about their projects and ambitions,” he said.

BRED Banque Populaire, part of the BPCE Group, is a cooperative bank with 150,000 members and $3.4 billion in equity capital. BRED currently owns a 12.25 percent stake in Acleda Bank, the Kingdom’s largest financial institution in term of assets, through its subsidiary COFIBRED.

The bank will now have to compete within Cambodia’s crowded banking sector, which according to the National Bank of Cambodia (NBC), reached 37 commercial banks and 15 specialised banks by the end of last year.

Chea Chanto, governor of NBC, said during the inauguration ceremony yesterday that the presence of BRED signifies increased confidence of foreign investment from European countries in Cambodia’s financial sector.

“Cambodia’s banking sector continues to grow in both scope and scale in a safe and inclusive manner,” he said.

According to Chanto, customer deposits in the banking sector at the end of 2016 accounted for 64 percent of GDP, while credit issued to the private sector represented 71 percent of GDP.

MOST VIEWED

  • No payment required for travellers taking rapid Covid tests on arrival

    Ministry of Health officials said there would be no payment required for the rapid Covid-19 tests given to travellers who arrive in Cambodia from November 15 onwards after the quarantine requirement is lifted for fully vaccinated people. Health ministry spokeswoman Or Vandine told The Post on

  • General’s gun smuggling ring busted

    The Military Police sent six military officers to court on November 22 to face prosecution for possession of 105 illegal rifles and arms smuggling, while investigators say they are still hunting down additional accomplices. Sao Sokha, deputy commander of the Royal Cambodian Armed Forces and commander of

  • Prince Norodom Ranariddh passes away at 77

    Prince Norodom Ranariddh, the second son of the late King Father Norodom Sihanouk and former First Prime Minister of Cambodia, has passed away in France at the age of 77. “Samdech Krom Preah Norodom Ranariddh has passed away this morning in France just after 9am Paris-time,”

  • More Cambodians studying in US

    The number of Cambodian students studying at US colleges and universities in 2020-21 increased by 14.3 per cent over the previous year despite the Covid-19 pandemic, according to a recent US government report. The 2021 Open Doors report on International Educational Exchange showed that 848 Cambodian students studied

  • Cambodia, Thailand to discuss border reopening

    Cambodian authorities from provinces along the Cambodia-Thailand border will meet with Thai counterparts to discuss reopening border checkpoints to facilitate travel, transfer of products and cross-border trade between the two countries. Banteay Meanchey provincial deputy governor Ly Sary said on November 22 that the provincial administration

  • Police arrest Canadian with 167kg of drugs

    The Phnom Penh Municipal Court on November 15 placed a Canadian national in pre-trial detention in connection with smuggling and possessing 167kg of illegal drugs. Deputy National Police chief in charge of anti-drug enforcement Mak Chito told The Post on November 15 that the man was arrested