Logo of Phnom Penh Post newspaper Phnom Penh Post - National Bank of Canada to buy final 10% of ABA

National Bank of Canada to buy final 10% of ABA

Content image - Phnom Penh Post
National Bank of Canada plans to acquire the final 10 per cent stake in the Cambodia-based ABA Bank, giving it 100 per cent ownership of the bank. Robert MacPherson/AFP

National Bank of Canada to buy final 10% of ABA

Montreal-based National Bank of Canada (NBC) recently unveiled plans to acquire the final 10 per cent stake in the Cambodia-based ABA Bank, which would give it 100 per cent ownership of the bank.

The 10 per cent of ABA in question is currently owned by Damir Karassayev, a former head of the Kazakhstan Stock Exchange.

According to a report from Canadian newspaper the Financial Post, NBC president and CEO Louis Vachon told shareholders at the bank’s annual meeting in Quebec City on April 24 that they had the option of buying the remaining 10 per cent of ABA in the coming months.

“Yes, our intention is to buy the remaining 10 per cent of ABA Bank,” an NBC spokesperson confirmed to the Financial Post.

According to the spokesperson, the bank is closely monitoring growth forecasts for Cambodia, which remain strong.

An investor presentation in November predicted ABA would record a profit of around $70 million last year, up from $7.5 million in 2014. ABA now has 66 branches, 4,500 employees and more than 450,000 customers across the Kingdom, according to NBC.

In March, Vachon paid a visit to ABA in Cambodia – his third visit since 2017 – demonstrating NBC’s strong commitment to the Cambodian bank’s development.

Vachon said in an ABA press release during the visit that there are many reasons NBC decided to invest in the Cambodian bank.

“There are many reasons National Bank of Canada decided to invest in ABA. One of them is the future of Cambodia, as we saw a very bright future for the country and its people,” he said in the release.

MOST VIEWED

  • ‘Support of CNRP return online will lead to arrest’

    Anyone posting messages supporting the return of Sam Rainsy, the “acting president” of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), on social media will be arrested, the Ministry of Interior announced on Tuesday. Ministry spokesman Khieu Sopheak told The Post on Monday that authorities

  • CNRP activists arrested for ‘plotting insecurity’

    Three activists for the Supreme Court-dissolved Cambodia National Rescue Party (CNRP) have been sent to Phnom Penh Municipal Court after they were arrested for their alleged involvement in an overseas-organised plot to mobilise demonstrations and cause insecurity. National Police spokesman Chhay Kim Khoeun said the

  • Rainsy charged with ‘insulting the King’

    Ministries and state institutions have condemned Sam Rainsy, the “acting president” of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), for allegedly insulting His Majesty King Norodom Sihamoni. The condemnation came in the wake of Rainsy’s claim on Thursday during an interview with Radio

  • Police conduct raid on Orchid massage parlour

    Thirty-seven people, including three minors, were detained after Phnom Penh Municipal Police and the Department of Anti-Human Trafficking and Juvenile Protection raided the Orchid massage parlour in Sen Sok district’s Phnom Penh Thmey commune on Monday. The 27-room massage parlour is believed to have