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

  • 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