Logo of Phnom Penh Post newspaper Phnom Penh Post - NBC approves 12th specialised bank

NBC approves 12th specialised bank

NBC approves 12th specialised bank

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.

MOST VIEWED

  • Hun Sen’s China visit ‘a good opportunity’

    Prime Minister Hun Sen’s visit to Beijing on Sunday to discuss economic and trade issues presents a good opportunity for the Kingdom to strengthen Chinese ties and counter punitive measures by the West, an analyst says. The prime minister’s four-day official visit to

  • Close to the edge: Hair raising pictures from Kulen Mountain

    A new hair raising attraction on Kulen Mountain has finally opened to the public, with people flocking to the protruding cliff edge overlooking green mountainous forests to take photographs. The giant overhanging rock is situated in an area known as Mahendraparvata – an ancient city of

  • ‘Action needed to stop road deaths doubling by next year’

    Minister of Interior Sar Kheng has expressed concern over the rate of traffic accidents, saying the death toll will double by 2020 if no effective preventive measures were put in place. At least five people on average are killed on Cambodian roads every day. The interior

  • Cambodian rice to lose EU duty-free status

    The Cambodian rice sector is set to lose its duty-free export status to the EU today – its major rice market – after the European bloc decided to impose tariffs on rice from Cambodia and Myanmar to curb a surge in such imports. The decision will be