Logo of Phnom Penh Post newspaper Phnom Penh Post - Malaysian lender to open in Cambodia

Malaysian lender to open in Cambodia

Malaysian lender to open in Cambodia

THE Kingdom is to welcome its 28th commercial bank when Malaysia's Hwang-DBS (Malaysia) Bhd starts operations at the end of July.

The news was contained in a June 29 filing to the Malaysian stock exchange, which stated that the parent company had been approved for a licence by the National Bank of Cambodia, the nation's central bank and regulator.

"Further to the announcement made on 15 January 2009, the Board of Hwang-DBS (Malaysia) Berhad wishes to announce that the Minister of Commerce of Cambodia had on 26 June 2009 issued a certificate of incorporation of Hwang-DBS Commercial Bank Plc HDCB, which is effective from 19 June 2009," the filing stated.

HDCB will start operating by July 31, subject to its final licence being issued by the NBC.

Minister of Commerce ... on 26 June ... issued a certificate of incorporation.

The group's communications director at Hwang-DBS Investment Management, Lynn Guha Thakurta, told the Post in an email the bank would make a full announcement by the end of July and would not comment further at this time.

The filing to the Malaysian bourse stated that HDCB is a wholly owned subsidiary and will operate as a commercial bank in Cambodia.

HDCB currently has issued and paid up capital of US$2, being two ordinary shares of $1 each.

The issued and paid-up capital of HDCB will be increased to US$20 million comprising 20 million ordinary shares of $1 each. They will be issued to the parent company before HDCB begins operating.

Neav Chanthana, the NBC's deputy governor, said Tuesday she was not certain about the presence of the prospective new bank since it was not part of her portfolio.

"But more foreign banks will bring more investors," she said. "Also the rising number of foreign banks reflects their confidence in our banking system, and especially in government policy, or they won't come here."

Tal Nay Im, the NBC's director general, was in South Korea on Tuesday and was not available for comment.

MOST VIEWED

  • Diplomatic passports issued to foreigners to be annulled

    The Ministry of Foreign Affairs and International Cooperation will move to annul diplomatic passports issued to those not born in Cambodia. Analysts say the move may be in relation to reports that former Thai prime minister Yingluck Shinawatra used a Cambodian passport to register as

  • The hairy little heroes saving many lives in rural Cambodia

    IN RURAL Siem Reap province, rats dare to tread where no person will, as these hairy little heroes place their lives on the line each day for the good of the local community. The rodents are the most important members of a special team, leading

  • Hun Sen warns Irish MP of EBA ‘mistake’

    Prime Minister Hun Sen on Saturday told former Irish premier Enda Kenny, still a member of the EU nation’s parliament, that the 28-nation bloc should not make a “third mistake” regarding Cambodia by using the preferential Everything But Arms (EBA) agreement to “take 16 million

  • PM warns EU and opposition on 34th anniversary of his rule

    HUN Sen reached the milestone of 34 years as Cambodian prime minister on Monday and used the groundbreaking ceremony for a new ring road around Phnom Penh to tell the international community that putting sanctions on the Kingdom meant killing the opposition. “Please don’t forget