Asia-Pacific Development Bank has obtained an approval letter from the central bank’s governor to operate a specialised bank in Cambodia, an official at the National Bank of Cambodia (NBC) said yesterday.

Khieu Bophaphuong, director of the NBC’s licensing department, said the approval letter allows the bank to prepare an office and launch operations, although she could not provide any details about the bank’s shareholding structure, capital or operations plan.

When contacted, a local representative of Asia-Pacific Specialised Bank declined to comment on the bank’s plan for the Cambodian market.

However, based on postings to local recruitment agencies, the bank aims to open its head office in Phnom Penh by the end of March.

The initial business will focus on providing loans “to meet the needs of the broad masses,” with the long-term goal of transitioning “to a full-function commercial bank.”

A construction team was carrying out work on the bank’s nearly-completed office on Norodom Boulevard yesterday.

At the end of 2015, Cambodia had 11 specialised banks. On March 22, the NBC raised the minimum capital requirement for specialised banks to $15 million, from $7.5 million.

The banks have been given two years to comply with the revised capital level.