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Trust paramount at Chief, where success built on ethical banking weathers storms

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Chief Bank Cambodia CEO Dr Soeung Morarith says his institution is well placed to manage any financial difficulty.

Trust paramount at Chief, where success built on ethical banking weathers storms

Confidence is crucial in guaranteeing successful commercial banking operations, and with trust at the core of its operations, Chief Bank Cambodia CEO Dr Soeung Morarith believes his institution is well placed to manage any financial difficulty.

“There will obviously be challenges, due to the recent partial withdrawal of Everything But Arms by the EU and the current negative economic effects of the Covid-19 outbreak. However, as we have the right team and financial strength, we are confident of successfully overcoming these.

“Additionally, we are well aware that the Royal Government has adopted an expansionary policy to mitigate the negative effects of these global issues on the Cambodian economy,” Morarith said.

Chief Bank Cambodia has seen strong growth in the Kingdom since beginning operations in 2013, and Morarith considers clients to be partners as the financial institution continues to flourish.

“Our corporate philosophy – ‘The Chief Way’ – builds mutual trust and partnerships with our customers, which is key to shared prosperity. Our business is conducted sincerely and with the highest professional ethics.

“Chief Bank utilises a business model that is localised, customised and best suited to the real needs of our clients in Cambodia. We have been actively working to further refine our existing products, while introducing new products and services to meet our clients’ growing needs,” he said.

Originally established in Hong Kong in 1979, Chief has weathered many storms, including the 1997 Asian and 2007-8 global financial crises, and gone from strength to strength by adhering to its core beliefs of ethical practices and prudent investment.

“We have stayed the course by sticking to our vision, mission, goals and philosophy, and by serving our customers better than ever to yield sound results. Our successes are attributed to a strong team spirit with clear vision and policies,” he stressed.

Chief Bank began operations in Cambodia seven years ago with initial capital of just $10 million, while total assets were at more than $100 million as of the end of last year, according to Morarith.

Content image - Phnom Penh Post
Chief Bank focuses on ethical business.

And despite predictions of a turbulent year ahead for the financial sector, he is confident of continued growth.

“Through the concerted efforts of staff and management, and with the support of our loyal customers and relevant regulators, especially the National Bank of Cambodia, we believe the bank is well positioned to continue performing strongly in 2020,” Morarith said.

Chief Bank’s adherence to the highest standards in banking can be seen in its strict policy on risk management.

“Regardless of how good the collateral or how viable the credit proposal appears, we place integrity ahead of gains in long-term business strategies, and strictly adhere to corporate social responsibility.

“We have optimised our capital base, and increased our investment through prudent management and operations. We continue our focus on risk control and risk management to ensure that Chief Bank remains strong and stable in this growing industry,” he stressed.

Morarith said the key to the bank’s continuing success in the Kingdom is its commitment to people and ethical investment, coupled with Chief Group’s successful model and decades of experience in major global financial hub Hong Kong.

“With our shareholders’ backgrounds in Hong Kong as comprehensive financial service providers for more than 40 years, Chief Bank inherits the fine tradition of doing business by embracing a customer-focused philosophy, with the relentless pursuit of service excellence.

“We are committed to being a good companion with our dearest customers on their journey towards goal achievement and wealth accumulation. Chief Bank is working for a better future for people in Cambodia – our valued customers, our employees and Cambodia’s banking industry, and society at large. Their success is our success,” he said.

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