Phnom Penh, Cambodia – Mass market consumers and micro-SME business owners throughout Cambodia now have access to a new innovative financial services company. Cambodia Post Bank PLC announced today that it has officially launched and is open for business.
The Bank is jointly owned by Canadia Investment Holding PLC (“CIH”), Singapore’s Fullerton Financial Holdings Pte. Ltd. (“FFH”) and Cambodia Post. It is the first majority locally-owned financial institution to serve the mass market and micro-SME segments.
Company officials, along with H.E. Dr So Khun, Minister of the Ministry of Post and Telecommunications, H.E. Neav Chanthana, Vice Governor of the National Bank of Cambodia, H.E. Trak Thai Sieng, Vice Governor of Cityhall, Mr Kevin Cheok, Ambassador of Republic of Singapore to Cambodia, Mr. Pung Kheav Se, Chairman of CIH, Mr. Gan Chee Yen, FFH’s Chief Executive Officer, and distinguished guests from the government and business community, graced the opening ceremony at Koh Pich’s City Hall in Phnom Penh.
Based in Phnom Penh, Cambodia Post Bank is not your typical bank. Recognizing the need for better financing options and solutions for the mass market and micro-SMEs, the Bank offers a distinctive array of banking and financial products that cater directly to the needs of this growing and important business segment. Currently Cambodia Post Bank has 11 branches in seven provinces; five in Phnom Penh and six in the provinces. The Bank has plans to open an additional 11 branches in 2013 and 2014, all to be based close to their target customers segments, in the provinces of Kampong Cham, Prey Veng, Svay Rieng, Takeo, Kratiam, Sihanoukville, Pailin, Banteay Meanchey and Poipet.
Financial services industry veterans, Mr. Toch Chaochek, Chief Executive Officer; and Mr. Van Tho, Executive Vice President and Chief Operating Officer, have assembled a team of leading banking and financial services professionals who share a common passion, to provide excellent financial services to the mass market consumers and micro-SME business owners, the customer segments that make significant contributions to Cambodia’s economic growth and prosperity.
“The economic growth in Cambodia in recent years was made possible in large measure by this important segment that is woven into every area of Cambodian industry”, said Mr. Toch. He continued, “As Cambodia’s economy continues to grow, we will ensure that our customers have the most suitable financial solutions to help them keep pace with the growing demands of the economy and the industries that they operate in. This is a very significant time for Cambodia when commercial activities and trade opportunities are making this country more competitive in ASEAN and the global arena. Cambodia Post Bank will be the reliable banking partner, supporting the growth of our customers.”
Both CIH and FFH recognize the opportunity to provide suitable financial solutions to these growing customer segments throughout Cambodia, and both institutions will leverage their combined expertise to effectively serve them.
Visibly pleased with the launch of Cambodia Post Bank, Mr. Pung and Mr. Gan expressed optimism while shaking hands after the ceremony. “This is a strong partnership between two well-established institutions,” Mr. Pung commented. He added, “The mass-market and micro-SME segments present promising opportunities. Proactively supporting the entrepreneurs and small companies will enable them to boost skills and financial resources to better serve their customers.”
Mr. Gan said, “This is an exciting strategic investment for FFH. We are privileged to partner two prestigious local companies to build a new Cambodian Bank serving the segments which currently have limited access to financing. We will be able to share our knowledge and extensive operational experience serving the micro-SME segment in other Asian economies.”
“With the right financial solutions designed to meet their specific needs, they can grow their businesses with confidence and assurance. We are committed to sharing our capabilities and building local skills that will help the financial services sector in Cambodia well into the future,” Mr Gan concluded.