Logo of Phnom Penh Post newspaper Phnom Penh Post - New Bank Opens

New Bank Opens

New Bank Opens

The Cambodia Development Bank, Cambodia's newest, opened its doors on July 26. The

bank is the result of a joint venture operation between the National Bank of Cambodia

and C.O.E. Co., Ltd. (Hongkong). Registered as a local Cambodian bank, initial paid-up

capital is U.S. $10,000,000.

The bank's major (90 percent) shareholder, C.O.E. Co., Ltd., is an affiliated company

of the Wang Petchaboon Group, one of Thailand's large corporate entities, which owns

the World Trade Center Bangkok Co. Ltd.

At present the bank offers deposit services for riels, baht and U.S. dollars, as

well as foreign exchange services. Shortly, the bank will expand services to include

wire transfers, credit and lending facilities, as well as a variety of services tied

to import and export activities.

The bank's corporate brochure includes comment from its chairman, Viroon Tejapaibul,

who says the bank's two main goals are "to make the bank as strong as possible

both in its financial structure and in its ability to be a full-service banking institution"

and "to keep the bank growing in pace with the economic development of Cambodia."

The bank plans to open offices in Siem Reap, Battambang, and other major Cambodian

cities in the near future. Phnom Penh offices are located on the ground floor at

246 Achar Mean Blvd.

Forty banking companies-many of them Thai-have received permission to open in Cambodia

recently. To date six of the banks approved have started operations.

MOST VIEWED

  • Guards protest dismissals, reject claims of sharing naked photos of child

    Some 20 former security guards at the US Embassy in Phnom Penh protested on Tuesday against their dismissal. They accused their employers of falsely claiming they had viewed and shared child pornography from their mobile phones as grounds for their termination. In total, 32 personnel were dismissed

  • We’re going to Wisney World!

    More than 6,000 mostly Chinese attendees witnessed the inauguration ceremony of a $1 billion Sihanoukville resort project called Wisney World in the capital on Wednesday. The event on Koh Pich, attended by several senior Cambodian government officials, is a joint venture between China’s AMC International and

  • Funcinpec urges probe into deadly Preah Sihanouk accident

    THE Funcinpec party has urged the government, especially the Ministry of Interior, to investigate the traffic accident in Preah Sihanouk province which left Prince Norodom Ranariddh badly injured and his wife Ouk Phalla dead. Funcinpec Vice President You Hokry told reporters at Botum Votey pagoda,

  • Gov’t continues China tilt as ties with the US slide on ‘interference’ in Kingdom’s internal affairs

    CHINA has granted some $131 million in aid to the Cambodian military. It comes as yet another sign that the Kingdom is strengthening strategic ties with its Asian neighbour to counter increasingly cold relations with the United States. The aid was announced as part of a