Logo of Phnom Penh Post newspaper Phnom Penh Post - Finance update: New banks draw closer to Kingdom

Finance update: New banks draw closer to Kingdom

Finance update: New banks draw closer to Kingdom

MALAYSIA’S CIMB bank and the Bank of China were close to receiving operating licences for Cambodia, an official at the National Bank of Cambodia said yesterday.

“For CIMB, it has met all the requirements by the law in Cambodia,” said Thai Saphear, head of the governor’s office of the National Bank of Cambodia.

He added that the main requirements for a permit were registered capital, bank’s statutes, a governing board, office location and staff.

“For the Bank of China, it almost meets all above requirements; just its location and staff are not in place,” he said.

“As [CIMB and BoC] have almost completed everything, it’s expected that the official operating licences will be issued for them soon. If they rush to launch operations this month or next month, it would be possible,” he added.

When the two new banks are operational, the total number of commercial banks in Cambodia will rise to 30.

By the end of this year, all commercial banks will be required to triple their registered capital from the current US$13 million to $37.5 million.

Exceptions would be made for banks with at least one influential shareholder, a bank or financial institution with a rating of “investment grade” extended by a reputable rating agency, according to the National Bank of Cambodia’s prakas, or edict, released in September 2008.

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

  • Cambodia at ‘most critical moment’, Hun Sen warns

    Prime Minister Hun Sen said the first community transmission of Covid-19 in Cambodia has led the country to the “most critical moment” that warranted urgent, large-scale operations to contain the pandemic. Hun Sen, who confirmed the first local transmission on November 28, said the source of

  • 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