Cambodian Public Bank, a subsidiary of Malaysia-based Public Bank Berhad, opened its 11th branch in the country on June 3 in a move the company said was in anticipation of strong national economic growth over the coming years.
Dr Teh Hong Piow, founder of Public Bank Bhd and director general of Campu Bank, as the Cambodian lender is commonly known, said the enterprise had experienced swift growth in the Kingdom and was now the country’s biggest bank in terms of paid-up capital.
According to a Campu Bank press release, paid-up capital doubled from $45 million in November 2007 to $90 million at the end of April.
Teh said Campu Bank’s loans grew by 129 percent in 2007 while deposits increased by 59 percent over the previous year.
Similar growth rates had continued in 2008, he said at the opening of the branch on Mao Tse-Tung Boulevard in Phnom Penh, adding that Campu Bank has been Cambodia’s largest lender since September last year.
Teh said that as of April 30, Campu Bank’s total loans and deposits stood at $526 million and $376 million respectively – a 45 percent and 18 percent increase from December 2007.
“Campu Bank will continue to invest in technology, train and develop human capital, and develop new products and services to better serve the banking needs of the Cambodian public,” he said.
National Bank governor Chea Chanto welcomed Campu Bank’s expansion, noting that it now accounts for a quarter of all loans and deposits in Cambodia.
Public Bank Bhd is the biggest bank in Malaysia in terms of market capitalization, with a value of nearly $13 billion. Teh is one of Malaysia’s wealthiest businessmen with a net worth of $3.5 billion, according to Forbes.