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

  • Draft law on state of emergency pending finalisation

    Prime Minister Hun Sen will lead a top-level meeting on Tuesdays to review the draft law on imposing a state of emergency. Meantime, he has decided to close all casinos in Cambodia effective April 1. In the press conference after the National Assembly met today, Hun

  • State of emergency on table amid pandemic

    Prime Minister Hun Sen, his deputy prime ministers and legal team will meet on Tuesday to review the draft law on declaring a state of emergency, as Covid-19 cases rose to 107 in the Kingdom on Monday. Speaking at a press conference after a parliament meeting

  • Stranded passengers petition UK for help

    Some 10,521 people have signed an online petition calling on British Prime Minister Boris Johnson and relevant officials to fly nearly 200 passengers out of Cambodia. The petition is targeted at 15,000 people. Most of the passengers are British nationals, who are stranded in Cambodia after airlines cancelled

  • Many in limbo as tension heightens

    As the Kingdom restricts travel and prepares for a state of emergency, some foreigners in Cambodia are scrambling for a way home. Foreign embassies in Phnom Penh are making efforts to get their citizens out, but cancelled flights have become common due to the coronavirus

  • Covid-19 Pandemic: Force majeure and legal consequences

    Is the Covid-19 pandemic considered an event of force majeure? The World Health Organisation declared the novel coronavirus (Covid-19) outbreak a pandemic on March 11. Following this declaration, the Ministry of Health and other ministries have taken various legal and administrative measures to prevent the rapid

  • State of emergency draft law set for NA

    A draft law aiming to place the Kingdom in a state of emergency amid the Covid-19 pandemic is set for a debate at the National Assembly (NA) after going through the Council of Ministers’ Standing Committee meeting led by Prime Minister Hun Sen on Tuesday.