Logo of Phnom Penh Post newspaper Phnom Penh Post - New bank SCSB seeks Taiwanese investors

New bank SCSB seeks Taiwanese investors

New bank SCSB seeks Taiwanese investors

Taiwan’s Shanghai Commercial & Savings Bank Ltd (SCSB) launched operations in Phnom Penh yesterday.

SCSB is the fourth Taiwanese bank to enter Cambodia, joining Mega International Commercial Bank, Taiwan Cooperative Bank and E Sun Commercial Bank, which purchased a 70 per cent stake in Cambodia’s Union Commercial Bank in March.

Their “liaison office” in Phnom Penh Tower will relay investment information to Taiwanese clients, SCSB representative Peter Hsu said.

Lin Zhi-long, president of the Taiwan Commercial Association of Cambodia, said in June that Taiwan was Cambodia’s largest foreign investor and exporter of garments accounting for over 90 of the country’s 400 foreign-owned garment factories.

President and CEO of Acleda Bank, In Channy, welcomed SCSB’s arrival.

“More banks means more competition. It will bring better prices and services to clients,” he said.

MOST VIEWED

  • Angkor Wat named as the top landmark for the second year

    Travel website TripAdvisor has named Cambodia’s ancient wonder Angkor Wat as the top landmark in the world for the second year running in their Travelers’ Choice Award 2018, an achievement Cambodian tourism operators expect will attract more tourists to the Kingdom. The website uses traveller

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty

  • Hun Sen detractors ‘will die’

    Prime Minister Hun Sen on Wednesday said those who curse or insult him would eventually die without a plot of land to bury their bodies after being killed by lightning, suffering the same fate as those who recently died in Thmar Baing district in Koh

  • Ministry’s plan for net sparks fears

    The government has ordered all domestic and international internet traffic in the Kingdom to pass through a Data Management Centre (DMC) that has been newly created by the state-owned Telecom Cambodia, in a move some have claimed is an attempt to censor government critics. Spokesman