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

  • Prince Norodom Ranariddh passes away at 77

    Prince Norodom Ranariddh, the second son of the late King Father Norodom Sihanouk and former First Prime Minister of Cambodia, has passed away in France at the age of 77. “Samdech Krom Preah Norodom Ranariddh has passed away this morning in France just after 9am Paris-time,”

  • Rise in planned flights lifts travel hopes

    Six airlines have applied to resume flights in December, while two others have put in for additional flights and routes, according to State Secretariat of Civil Aviation (SSCA) head Mao Havannall on November 29. These account for 43 new weekly domestic and international flights in December, up 16

  • General’s gun smuggling ring busted

    The Military Police sent six military officers to court on November 22 to face prosecution for possession of 105 illegal rifles and arms smuggling, while investigators say they are still hunting down additional accomplices. Sao Sokha, deputy commander of the Royal Cambodian Armed Forces and commander of

  • Cambodia, Thailand to discuss border reopening

    Cambodian authorities from provinces along the Cambodia-Thailand border will meet with Thai counterparts to discuss reopening border checkpoints to facilitate travel, transfer of products and cross-border trade between the two countries. Banteay Meanchey provincial deputy governor Ly Sary said on November 22 that the provincial administration

  • Hun Sen: Manet to be candidate for prime minister

    Prime Minister Hun Sen has reaffirmed that his oldest son Hun Manet will be his successor as Prime Minister if he is elected. Speaking during the inauguration of a new sewage treatment facility in Preah Sihanouk province on December 2, Hun Sen said Manet will be

  • More Cambodians studying in US

    The number of Cambodian students studying at US colleges and universities in 2020-21 increased by 14.3 per cent over the previous year despite the Covid-19 pandemic, according to a recent US government report. The 2021 Open Doors report on International Educational Exchange showed that 848 Cambodian students studied