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.
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.
"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."
about the nationality of the other two bank shareholders Stephen at first said
they were foreigners and then corrected himself saying they were Cambodian.