After a year of operations, Chip Mong Commercial Bank Plc (Chip Mong Bank), a subsidiary of local conglomerate Chip Mong Group, opened two more branches in Phnom Penh on Wednesday.
Chip Mong Bank board of directors chairman Leang Meng said at a press conference on Wednesday that the new branches were needed to reach more customers and offer better services.
“In our first year of operations, we received a lot of support from customers. The financial sector here is crowded, but we have a clear vision and strategy to conquer more of the market.
“We focus on digital services, so we are bringing the latest and most sophisticated technology from Europe to Cambodia so that our people can enjoy it. We want to reach more customers and improve our services,” said Meng.
He said the bank aims to speed up the loan disbursement process to help those looking to expand their businesses. “I am Cambodian so I know what Cambodians need,” he said.
Chip Mong Bank senior vice-president Heng Sokal said the bank now has seven branches and aims to expand to 25. Its goal is to enter partnerships with 500 agents nationwide.
The annual report of the National Bank of Cambodia said deposits and outstanding loans in the banking industry rose by 25 per cent and 26 per cent respectively in 2018. Last year, outstanding loans reached $19.6 billion while deposits were valued at $22 billion.
Forty-three commercial banks are operating in the Kingdom (15 locally incorporated, 15 subsidiaries and 13 foreign banks), 14 specialised banks (one state-owned and 13 private entities), and seven microfinance deposit-taking institutions.