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International Banking First in Phnom Penh

International Banking First in Phnom Penh

Banque Indosuez, the first international bank to establish a branch office in Phnom

Penh, will celebrate its official opening on Monday, Mar. 1. Georges Loubeyre, the

bank's general manager for Cambodia, said that Banque Indosuez has a long history

and strong tradition in East Asia as well as a solid presence in the Middle East

and the Indian Subcontinent.

The bank was originally incorporated in France in 1875 as Banque de l'Indochine.

The name was later changed after a merger with the Suez Companie in l956. Banque

Indosuez' parent firm, Groupe Suez, is the largest private corporate entity in France

with total assets of approximately U.S. $150 billion.

Banque Indosuez initially established an office in Phnom Penh in 1890. Operations

ceased in Cambodia in 1963 when all foreign banks were nationalized. At present the

bank maintains operations in more than 70 countries throughout the world.

The bank plans to evolve a retail-oriented operation catering to a select clientele

of individuals, institutions and corporations. It will handle personal banking and

money transfers but will not maintain savings accounts in the traditional sense.

Over the long term, depending on the performance of the local economy, the bank seeks

to develop its traditional strengths in handling sizeable accounts for local businesses,

multinational corporations and foreign business enterprises. Banque Indosuez also

sees for itself a potential advisory role with regard to rehabilitation projects.

The Cambodian office of Banque Indosuez is located at No. 70 Tousamuth Blvd., Phnom

Penh.

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