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New Briefs: MBf Bank on the Ground in Phnom Penh

New Briefs: MBf Bank on the Ground in Phnom Penh

The MBf Asia Capital Corporation of Hong Kong has stepped forward to open an affiliate

bank-the MBf Asia Capital Bank Ltd. in Phnom Penh on Dec. 15.

"This is a private, full-service commercial bank," said Joseph Arul Raj,

the Malaysian manager of MBf Asia Capital Bank Ltd.

The initial level of capitalization was not made public, but the manager said he

was satisfied with the requirements of the National Bank of Cambodia.

"Cambodia is a good market because of its triangle locality. It is a good center

for business," said Raj.

The fully-computerized MBf Asia Capital Bank Ltd. provides foreign exchange services

(in U.S. dollars and riel), fixed deposits and currency account services. The interest

rate for U.S. $ savings accounts is 2.5 percent a year.

Regardless of the political situation in the country, the bank is looking forward

to providing credit facilities to customers who have "repaying capacity,"

he said.

MBf Asia Capital Bank is located at 45 Sivutha St., Sangkat Chaktomuk, Khan Daun,

Phnom Penh.

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