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

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty

  • Long way to go before Cambodia gets a ‘smart city’

    Phnom Penh, Siem Reap and Battambang will struggle to attain smart city status without adopting far reaching master plans, according to officials tasked with implementing the program. The brainchild of the Association of Southeast Asian Nations (Asean), the smart city program seeks to link up

  • Ministry’s plan for net sparks fears

    The government has ordered all domestic and international internet traffic in the Kingdom to pass through a Data Management Centre (DMC) that has been newly created by the state-owned Telecom Cambodia, in a move some have claimed is an attempt to censor government critics. Spokesman

  • China-Cambodia tourism forum held

    The Cambodian tourism sector must be prepared to welcome a growing number of Chinese tourists, as they lead the globe in the number of outbound travellers and were responsible for the most visitors to the Kingdom last year, the country’s tourism minister said on