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

  • Phnom Penh placed in two-week lockdown

    The government has decided to place Phnom Penh in lockdown for two weeks, effective April 14 midnight through April 28, as Cambodia continues to grapple with the ongoing community outbreak of Covid-19, which has seen no sign of subsiding. According to a directive signed by Prime Minister

  • Cambodia on the verge of national tragedy, WHO warns

    The World Health Organisation (WHO) in Cambodia warned that the country had reached another critical point amid a sudden, huge surge in community transmission cases and deaths. “We stand on the brink of a national tragedy because of Covid-19. Despite our best efforts, we are

  • Hun Sen: Stay where you are, or else

    Prime Minister Hun Sen warned that the two-week lockdown of Phnom Penh and adjacent Kandal provincial town Takmao could be extended if people are not cooperative by staying home. “Now let me make this clear: stay in your home, village, and district and remain where

  • Businesses in capital told to get travel permit amid lockdown through One Window Service

    The Phnom Penh Municipal Administration has issued guidelines on how to get travel permission for priority groups during the lockdown of Phnom Penh, directing private institutions to apply through the municipality's One Window Service and limit their staff to a mere two per cent. In

  • Vaccination open to foreigners in Cambodia

    The Ministry of Health on April 8 issued an announcement on Covid-19 vaccination for foreigners residing and working in Cambodia, directing the Ministry of Labour and Vocational Training and local authorities to register them. Health minister Mam Bun Heng, who is also head of the inter-ministerial

  • Ministry names types of business permitted amid lockdown

    The Ministry of Labour and Vocational Training singled out 11 types of business that are permitted to operate during the lockdown of Phnom Penh and Takmao town, which run through April 28. Those include (1) food-processing enterprises and slaughterhouses; (2) providers of public services such as firefighting, utility and