Logo of Phnom Penh Post newspaper Phnom Penh Post - Teng Boon Ma opens richest bank

Teng Boon Ma opens richest bank

Teng Boon Ma opens richest bank

CLAIMING to have the largest capital reserves of any bank in the country, The

Cambodia Mekong Bank had an official opening ceremony on June 4.

Michael

Stephen, General Manager of the bank, in an interview with the Post said the

bank was owned by Teng Boon Ma, and two other shareholders who together have

capitalized the bank with $20 million.

Addressing the opening ceremony,

Teng Boon Ma, the head of the Thai Boon Roong company, said: "The Cambodia

Mekong Bank is being opened to benefit and serve both the government and

companies at a time when the country is facing the need for free market economic

rehabilitation and restoration."

Stephen said the bank, located in

Kramoun Sar street, number 1, would offer fixed term and at call accounts in

Riel, Baht or US dollars.

He said the banking sector was flourishing and

highly competitive in Cambodia with over 30 banks opening since the financial

sector was deregulated in 1991.

He said he hoped the bank would acquire

the reputation for offering the lowest lending interest rate to customers

through individually tailoring loans to suit customers' needs.

He said:

"The bank is privately owned now, but the law can change so we don't know

whether the bank will belong to the government in the future."

When asked

about the nationality of the other two bank shareholders Stephen at first said

they were foreigners and then corrected himself saying they were Cambodian.

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