Logo of Phnom Penh Post newspaper Phnom Penh Post - Camko Bank to receive specialised status

Camko Bank to receive specialised status

Camko Bank to receive specialised status

110511_7b
A girl walks past Camko Bank on Norodom Boulevard in Phnom Penh earlier this week. The bank is set to be downgraded in July. Photo by: Hong Menea

CAMKO Bank is in talks to downgrade from a commercial bank to a specialised bank, according to National Bank of Cambodia Director General and Spokeswoman Nguon Sokha.

Camko’s “voluntary downgrade” would likely be the last such transition following a central bank requirement to triple the capital at commercial banks, she said.

Officials at Camko did not return requests for comment.

However, a teller at the lone branch in Phnom Penh, on Norodom Boulevard, told reporters the bank was not accepting new depositors and that Camko’s downgrade to a specialised bank would be completed in July. Specialised banks differ from commercial banks in that they cannot accept deposits.

In a 2008 prakas, or edict, the NBC announced that by the end of 2010, commercial banks must have a minimum of at least 150,000,000,000 riel (US$37 million) unless at “least one influential shareholder [is] a bank or financial institution” with a rating “investment grade,” according to an unofficial translation.

Late last year, Angkor Capital Bank officials announced it would transition to a specialised bank in order to focus on its core competencies of lending and loan syndication in a competitive sector.

Nguon Sokha said on Monday that the National Bank of Cambodia’s intent with the prakas was to focus on “strengthening the law and the quality of banking in Cambodia”.

In 2009, the last year for which the NBC’s figures are available, Camko Bank held about US$45.2 million in assets, comprising a 0.9-percent share of the Cambodian banking market.

MOST VIEWED

  • Prince injured, wife dies after accident

    THE wife of former First Prime Minister Prince Norodom Ranariddh, Ouk Phalla, 39, died while the prince was “severely” injured following a road accident in Preah Sihanouk province’s Prey Nub district on Sunday morning, officials said. Rananriddh, who is also the president of the Funcinpec

  • Guards protest dismissals, reject claims of sharing naked photos of child

    Some 20 former security guards at the US Embassy in Phnom Penh protested on Tuesday against their dismissal. They accused their employers of falsely claiming they had viewed and shared child pornography from their mobile phones as grounds for their termination. In total, 32 personnel were dismissed

  • We’re going to Wisney World!

    More than 6,000 mostly Chinese attendees witnessed the inauguration ceremony of a $1 billion Sihanoukville resort project called Wisney World in the capital on Wednesday. The event on Koh Pich, attended by several senior Cambodian government officials, is a joint venture between China’s AMC International and

  • Funcinpec urges probe into deadly Preah Sihanouk accident

    THE Funcinpec party has urged the government, especially the Ministry of Interior, to investigate the traffic accident in Preah Sihanouk province which left Prince Norodom Ranariddh badly injured and his wife Ouk Phalla dead. Funcinpec Vice President You Hokry told reporters at Botum Votey pagoda,