Logo of Phnom Penh Post newspaper Phnom Penh Post - Chinese bank restructures Cambodian operations

Chinese bank restructures Cambodian operations

Chinese bank restructures Cambodian operations

Bank of China (BOC), one of the five biggest state-owned commercial banks in China, announced yesterday that it will restructure its Cambodia operations away from the parent company by selling the assets to BOC Hong Kong for $171 million in two separate transactions subject to regulatory approval.

BOC Hong Kong will also acquire Indonesia operations from BOC for $206 million.

“The proposed acquisitions of these two branches will further expand BOC Hong Kong’s regional network, in line with the long-term overseas development strategy of the BOC Group,” BOC Hong Kong’s chief executive Yue Yi said in a statement.

BOC launched operations in Cambodia in 2010 and has two branches. The bank has announced plans to open additional branches in Sihanoukville and Siem Reap.

The bank’s Cambodian operations recorded a profit of $10.2 million in 2015, an increase of 36.8 per cent compared to the previous year, according to its latest published annual report.

The Phnom Penh branch saw cross-border settlement volumes of $2.9 billion in 2015, an increase of 80 percent year-on-year.

MOST VIEWED

  • Seven positive for Covid-19, Hun Sen confirms local transmission

    Prime Minister Hun Sen announced that there has been local community transmission of Covid-19. However, he urged the people not to panic even though the Ministry of Health announced the discovery of seven new cases on Sunday. Among the victims are Chhem Savuth, the director-general

  • PM confirms community transmission, calls for unity

    Prime Minister Hun Sen has called on the public to stay calm, unite and follow the Ministry of Health guidelines after the wife of a senior official tested positive for Covid-19 in the Kingdom’s first case of community transmission. The case has drawn criticism

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there

  • Cambodia lauded for fight against Covid-19

    Cambodia has drawn global accolades for its handling of the Covid-19 pandemic, with a new report finding that the Kingdom has controlled the pandemic better than any other country in Asia. Dr Takeshi Kasai, director of the World Health Organisation’s (WHO) Western Pacific region,