Canadian bank ups its share in local ABA

Canadian bank ups its share in local ABA

The National Bank of Canada (NBC) announced on Friday it has increased its stake in the Cambodia-based ABA Bank.

In the announcement, NBC said it had invested an additional $20 million into the Cambodian bank, taking its overall stake to 42 per cent.

NBC initially purchased a 9.99 per cent stake in the local firm in July last year and then upped its holding to 30 per cent again in September.

Louis Vachon, CEO of NBC, said the decision to increase the bank’s holdings in ABA followed unrelated investments in other small – and medium-size businesses in Cambodia. Vachon did not reveal details of the NBC’s other investments in Cambodia.

“Cambodia’s small-business market segment is thriving and ABA bank is in a position to take advantage of the financial demand from these entrepreneurs,” he said.

ABA reported a $7.5 million net profit last year, an 85 per cent increase from 2013, a press statement said.

Damir Karassayev, chairman of ABA, said its deposits totalled $433 million for the 2014 financial year, with outstanding loans reaching $271 million.

“We plan to open eight new branches this year and gradually increase the total number to 40 by 2017 to ensure the bank’s position as a strong player at the national level,” said Damir. “We are now opening a new page in the history of our partnership with National Bank of Canada.”

MOST VIEWED

  • Prince injured, wife dies after accident

    THE wife of former First Prime Minister Prince Norodom Ranariddh, Ouk Phalla, 39, died while the prince was “severely” injured following a road accident in Preah Sihanouk province’s Prey Nub district on Sunday morning, officials said. Rananriddh, who is also the president of the Funcinpec

  • Guards protest dismissals, reject claims of sharing naked photos of child

    Some 20 former security guards at the US Embassy in Phnom Penh protested on Tuesday against their dismissal. They accused their employers of falsely claiming they had viewed and shared child pornography from their mobile phones as grounds for their termination. In total, 32 personnel were dismissed

  • Bun Heang mocks US, threatens its citizens in scathing open letter

    After being hit with sanctions from the US Department of Treasury, Cambodian General Hing Bun Heang said he would retaliate against any US national who does not respect his country’s sovereignty, has ambitions to invade Cambodia or incites “traitors” in the Kingdom to do

  • Funcinpec urges probe into deadly Preah Sihanouk accident

    THE Funcinpec party has urged the government, especially the Ministry of Interior, to investigate the traffic accident in Preah Sihanouk province which left Prince Norodom Ranariddh badly injured and his wife Ouk Phalla dead. Funcinpec Vice President You Hokry told reporters at Botum Votey pagoda,