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New Briefs: Royal Cambodian Bank Open for Business

New Briefs: Royal Cambodian Bank Open for Business

A branch of the Royal Group Company opened the Royal Cambodia Bank-a local private

banking institution with an initial capital investment of U.S. $10 million-on Dec.

27.

"The Royal Cambodia Bank is the only beautiful and strong bank in Cambodia,"

said the Advisory Board Chairman Sophan Kith, a Cambodian Australian, speaking not

only of the services to be offered by the bank but the lush offices of the facility

as well.

The bank's charter says that one of its policies is to encourage people to save money

by making deposits in interest-bearing savings accounts.

Apart from deposits and foreign exchange services in riel, U.S. dollars and Thai

baht, the bank will provide credit and lending services, remittance and import-export

services to customers.

The chairman, however, said that deposit services brought little profit. "It

seems we are planting a tree and waiting for it to yield fruit. We start from investment,"

Sophan said.

Royal Cambodia Bank is located at 94 Tousamuth Blvd., Phnom Penh.

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