The grand opening of the Foreign Trade Bank of Cambodia’s newest branch in Siem Reap took place last Friday, with Neav Chanthana, deputy governor of the National Bank of Cambodia presiding.

He said, “This new branch, in the center of tourism city, which will provide convenience banking services for both local residents and international tourists.”

The new branch is part of the bank’s expansion of its retail distribution network.

The Foreign Trade Bank’s general manager Gui Anvanith said, “The opening of our branch in Siem Reap symbolizes another significant step forwards our vision.

“We welcome our Siem Reap branch as a development catalyst in this predominantly tourism town, one that will help the businesses and the people of Siem Reap to flourish and prosper with out first and foremost bank in Cambodia.

“FTB brings to Siem Reap not only the best in term of long history of over 33 years of safe and reliable banking services in Cambodia, but also the best in understanding our customers need to serve you better.”

The new FTB Siem Reap branch is at number 742, Street 9 in Svay Dangkum, opposite the Old Market.

Also opening in town on August 2 was the fourth branch of Sonatra Micro Finance Institute, at Trapeang Ses village, Kork Chork commune.

The chairman of Sonatra Micro Finance, Sorn Sokna, said Sonatra’s mission is to encourage income independency and alleviation of poverty.

He said Sonatra aims to become a leading microfinance agency in providing loans to responsible low-income individuals and small and medium enterprises that are unable to obtain financial services from banks for more capital to enhance their businesses.

Pal Buy Bonnang, general director, banking supervision, National Bank of Cambodia, said that the opening of the Sontatra branch will help develop the microfinance sector. “Microfinance is the key to breaking poverty,” he said.

He said there are 32 microfinance institutions operating in the country and added, “Cambodian micro-finance institutions were ranked number one for two consecutive years in 2009 and 2010 by Economist Intelligence, against 55 countries, as the outstanding performer in providing microfinance services.”

He said that up to the first half of 2012, overall outstanding loans disbursed by these institutions reached 2.967 billion riel, providing funds to 1, 189, 306 customers, and collected 725 billion riel deposited by 366,338 customers.

Siem Reap provincial governor Sou Phirin said he hoped the microfinance sector will reduce poverty in Siem Reap province.