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Sathapana strong in third quarter as bank marks 25th anniversary

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Sathapana strong in third quarter as bank marks 25th anniversary

In leaps and bounds, Sathapana Bank built its robust operations to emerge as a leading commercial bank in the Kingdom – and after 25 years the financial institution is standing tall in the industry.

As a Japanese-owned bank in the Kingdom, Sathapana Bank has always been one of the most trusted financial institutions for Cambodians, providing financial services with professionalism and transparency.

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And as a result of this, Sathapana Bank this year celebrates 25 years of success in the Kingdom.

With the financial institution marking its 25th anniversary in Cambodia, the bank has launched two special promotions, the “Deposit and Win Campaign” – with a Mazda 6 as a grand prize – and “Sathapana Pay Cashback”.

As of the third quarter of this year, Sathapana’s total assets grew almost $300 million to $1.96 billion, up from $1.67 billion in 2019.

Its deposit portfolio rose to $1.17 billion, which expanded by 19.4 per cent compared to $947.4 million in 2019. While for loans, the figure increased to $1.48 billion.

Despite the effects of the Covid-19 pandemic, Sathapana Bank recorded strong growth in both deposits and loans, while maintaining healthy profits. This is testament to Sathapana Bank’s sustainable progress even in challenging events.

Sathapana Bank has the second-largest branch network in the Kingdom with more than 170 branches and 230-plus ATMs nationwide.

Sathapana’s broad banking network enables its customers in all provinces and rural areas to access financial services and better manage their money.

This year appears a fruitful one for Sathapana, as it dynamically advances its digital banking to align with the farsighted vision of becoming the most innovative bank in digital finances.

A wide range of features have been introduced on the Sathapana Mobile app – Cash by Code, Sathapana Pay and Visa Virtual Card, with an online account opening service and a Ministry of Public Works and Transport bill payment system.

By the end of this year, the bank will have launched three new branches and installed further ATMs for even greater customer convenience.

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An artist’s impression of Sathapana Bank’s new headquarters on Norodom Boulevard, which are set for completion early next year.

Embracing change is one of Sathapana’s key focuses to guarantee that the latest banking technologies are in its customers’ hands while remaining one step ahead of competitors.

The Asian Development Bank has forecast a four per cent contraction for Cambodia’s gross domestic product this year due to the effects of Covid-19.

Moreover, the World Bank has highlighted tourism, manufacturing exports and construction – which accounted for 39.4 per cent of total paid employment last year – as being the Kingdom’s three most affected sectors.

Standing with Cambodians during this challenging period, Sathapana has joined with the National Bank of Cambodia’s measures to reduce the impact of Covid-19 on the economy.

These have included continuing to provide loans to priority sectors, maintaining a gentle attitude towards late loan repayments and realistically revising loan terms where possible.

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