Logo of Phnom Penh Post newspaper Phnom Penh Post - Campu Bank gives loan relief for clients

Campu Bank gives loan relief for clients

Campu Bank gives loan relief for clients

Cambodian Public Bank Plc (Campu Bank), a subsidiary of Malaysia’s Public Bank Bhd, on Monday, became the first bank to announce a loan moratorium for its customers.

All eligible individuals and businesses affected by the Covid-19 pandemic will be able to reschedule and refinance their loans.

The announcement comes after the National Bank of Cambodia’s March 27 directive to all banks and financial institutions to restructure credit for loans for vulnerable customers in four priority sectors.

The directive aims to maintain financial stability, support economic activity and ease the burden of debtors facing declining revenues during the ongoing outbreak.

The four priority sectors cited by the NBC were tourism (including food and beverage, as well as other support services), garments (including employees), construction (exclusively for first house purchasers, shops and first mortgages) and transport (especially taxi drivers and tuk-tuk drivers) and logistics.

The NBC’s initiative is very timely and sound, and translates into much-needed assistance to all sectors of the Cambodian economy, especially for small and medium-sized enterprises and individuals who have been financially affected by the ongoing health crisis.

Campu Bank Indo-China Operations regional head Phan Ying Tong expressed hope that the moratorium would provide much-needed relief to its customers.

“As the outbreak escalates, Cambodian Public Bank will continue to be pro-active in providing a loan moratorium to help all of its customers in their cash-flow situations and alleviate their financial struggles in this difficult and very challenging time,” he said.

Cambodia has 46 commercial banks, 15 specialised banks and 82 microfinance institutions (MFIs). There are also 248 rural credit operators, 15 leasing companies and 20 payment service providers, a 2019 NBC report said.

Banks’ outstanding loan portfolio reached $24.5 billion last year while deposits stood at $25.5 billion. Among MFIs, loans reached $7.2 billion and deposits $3.9 billion.

MOST VIEWED

  • ‘Kingdom one of safest to visit in Covid-19 era’

    The Ministry of Tourism on January 12 proclaimed Cambodia as one of the safest countries to visit in light of the Kingdom having been ranked number one in the world by the Senegalese Economic Prospective Bureau for its success in handling the Covid-19 pandemic. In rankings

  • Ministry mulls ASEAN+3 travel bubble

    The Ministry of Tourism plans to launch a travel bubble allowing transit between Cambodia and 12 other regional countries in a bid to resuscitate the tourism sector amid crushing impact of the ongoing spread of Covid-19, Ministry of Tourism spokesman Top Sopheak told The Post on

  • Courts’ decisions now published as reference source

    The Ministry of Justice has published 44 verdicts from civil litigation cases which can be used as models for court precedents and for study by the public and those who work in pertinent fields. Publication of the verdicts on December 31 came as the result of joint

  • Reeling in Cambodia’s real estate sector

    A new norm sets the scene but risks continue to play out in the background A cold wind sweeps through the streets of Boeung Trabek on an early January morning as buyers and traders engage in commerce under bright blue skies. From a distance, the

  • Quarantine site in north Phnom Penh inaugurated

    A four-building quarantine centre in Phnom Penh’s Prek Pnov district was formally inaugurated on January 6. The centre can house up to 500 people, according to Phnom Penh municipal governor Khuong Sreng. At the inauguration ceremony, Sreng said the municipal hall had cooperated with the Ministry

  • China firm to develop Mondulkiri airport

    Tourism to the Kingdom’s northeast corridor could experience a remarkable metamorphosis after the government decided in principle of a Chinese company to study and develop a proposal to build a regional-level airport in Mondulkiri province, according to industry insiders. The Council of Ministers said