Logo of Phnom Penh Post newspaper Phnom Penh Post - Canadian bank ups its share in local ABA



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

  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Sub-Decree approves $30M for mine clearance

    The Cambodian government established the ‘Mine-Free Cambodia 2025 Foundation’, and released an initial budget of $30 million. Based on the progress of the foundation in 2023, 2024 and 2025, more funds will be added from the national budget and other sources. In a sub-decree signed by Prime Minister Hun Sen

  • Two senior GDP officials defect to CPP

    Two senior officials of the Grassroots Democratic Party (GDP) have asked to join the Cambodian People’s Party (CPP), after apparently failing to forge a political alliance in the run-up to the 2023 general election. Yang Saing Koma, chairman of the GDP board, and Lek Sothear,

  • Cambodia's poverty cut in half from 2009 to 2019: World Bank report

    A report published by the World Bank on November 28 states that Cambodia’s national poverty rate fell by almost half between 2009 and 2019, but the Covid-19 pandemic recently reversed some of the poverty reduction progress. Cambodia’s poverty rate dropped from 33.8 to 17.8 per cent over the 10