THE Foreign Trade Bank of Cambodia plans to open a new branch this month in Phnom Penh, Ouk Maly, the bank's general manager said.

Having established its Phnom Penh office in January 2001, the bank will open another branch in Boeung Raing commune, Prampi Makara district, Ouk Maly said, and further branches are in the pipeline: "We plan to open more branches in Siem Reap, Sihanoukville and possibly other areas in Cambodia," she said. "We want to be the most competitive [bank] in this country."

The Foreign Trade Bank - a public-private entity that is 10-percent owned by the Ministry of Economy and Finance - offers a full range of banking services including current and savings accounts, loans, currency exchange and money transfers.

According to its annual report, the Foreign Trade Bank had total assets of over US$28 million in 2007, the latest figures made available.

The bank was first established just nine months after the fall of the Khmer Rouge, in October 1979, under the direct management of the central bank, which sold its remaining stake in October 2005.