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

  • CDRI poll: Most happy but disappointments still exist

    A survey has found that over 70 per cent of Cambodian youths and adults approve of the direction the country is headed in, with the majority of respondents saying they had been doing better financially over the past five years. However, more than half said they

  • Drugs raid on Miami Night Club, 50 held

    Anti-drugs police raided a club in Chamkarmon district’s Boeung Keng Kang I commune in Phnom Penh early on Thursday, arresting some 50 people and confiscating drug-producing equipment and suspected illegal substances. Deputy National Police chief Mok Chito said on Thursday that police conducted the raid

  • Phnom Penh: The street food you adore, but given a refined twist

    There is no shortage of street food vendors scattered across Phnom Penh, but what is far rarer is finding a place that also has comfortable seating, good hygiene and parking. This is where Jing Ling and her five friends step in. With the concept of

  • Battambang court releases minor who shot boy

    The Battambang provincial court on Thursday released a 14-year-old boy who had been detained for accidentally firing a home-made gun and killing a nine-year-old boy in Samlot district on Tuesday, provincial court spokesman Tieng Sambor said. Sambor told The Post on Thursday that following the