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.

MOST VIEWED

  • ‘Kingdom one of safest to visit in Covid-19 era’

    The Ministry of Tourism on January 12 proclaimed Cambodia as one of the safest countries to visit in light of the Kingdom having been ranked number one in the world by the Senegalese Economic Prospective Bureau for its success in handling the Covid-19 pandemic. In rankings

  • Ministry mulls ASEAN+3 travel bubble

    The Ministry of Tourism plans to launch a travel bubble allowing transit between Cambodia and 12 other regional countries in a bid to resuscitate the tourism sector amid crushing impact of the ongoing spread of Covid-19, Ministry of Tourism spokesman Top Sopheak told The Post on

  • Kingdom accepts Chinese vaccine, PM first to get jab

    Prime Minister Hun Sen said China would offer Cambodia an immediate donation of one million doses of the Covid-19 vaccine produced by the Sinopharm company. In an audio message addressing the public on the night of January 15, he said Cambodia has accepted the offer and

  • Reeling in Cambodia’s real estate sector

    A new norm sets the scene but risks continue to play out in the background A cold wind sweeps through the streets of Boeung Trabek on an early January morning as buyers and traders engage in commerce under bright blue skies. From a distance, the

  • PM asks India for vaccine help

    Prime Minister Hun Sen is seeking assistance from India for the provision of Covid-19 vaccines as the country has produced its own vaccine which is scheduled to be rolled out to more than 300 million Indians this year. The request was made during his meeting with

  • Capital set to beef up security

    Phnom Penh municipal governor Khuong Sreng held the first meeting of the year with heads of armed forces in the capital to review and repair the deficiencies related to gun control, drug crimes, social order disruptions due to alcohol consumption and traffic law enforcement. Municipal