Cambodia Banking Industry News

[SeeMacau]

Is this a new bank?

[mrfusion]

Originally Posted by SeeMacau

Is this a new bank?

It say Cambodian Export and Import Bank Plc. So it must be a bank.

[SeeMacau]

I never heard of this bank

[mrfusion]

me too, no one mentioned here, but the building got renovated, and they just put the signs up, (still covered with the red curtains).

[mrfusion]

The red curtain has been removed this morning, or perhaps strong wind blow it away.

[patchay]

Originally Posted by Wisarut

Hmmm Bangkok Bank DId set up the subsidiary in Malaysia and start to expand the branch from KL to Penang or so while CIMB has taken over the Union Bank to create CIMB Thai Co.Ltd.

The list of Thai banks in both Thai and English can be seen in this Thai Wiki

Yes Bangkok Bank has presence in Malaysia since 1959!! Until today, it only has 5 branches in Malaysia. http://bangkokbank.com.my/aboutus.php

On the opposite side, Malaysia's CIMB owns CIMB Thai, which has about 200+ branches in Thailand. Malaysia's Maybank will be buying a Thai bank soon, after becoming the largest brokerage in Thailand with the purchase of Singapore-based Kim Eng Securities Southeast Asia. Interestingly, Thailand oldest brokerage BFIT Securities was also recently purchased by Malaysia's OSK Group.

Maybank and Public Bank already have presence in Cambodia. Maybank had just submitted an application to start a bank in Laos yesterday. http://www.btimes.com.my/Current_New...cle/index_html

Our 3rd and 4th largest bank - Public Bank and Hong Leong Bank have also started in Vietnam. No.5 bank - RHB Bank recently put on hold its purchase of an Indonesia bank. Public Bank has a decade presence in Hong Kong, and Hong Leong and RHB Bank have a decade presence in Singapore. Hong Leong Bank and CIMB have recently bought stakes in China banks as well.

Kuala Lumpur today has emerged as the Global Islamic Finance Center, and the global Islamic finance industry is growing very fast.

Foreign banks such as Singapore banks - OCBC and UOB, HSBC, Standard Chartered and Citibank are also big here. Standard Chartered is the oldest bank in Malaysia. HSBC and UOB have more than 50 branches nationwide. Here's the list of banks operating in Malaysia: >>> http://en.wikipedia.org/wiki/List_of_banks_in_Malaysia

[SeeMacau]

Maybank and Public Bank both have a strong presence in Cambodia.

On the other hand, banks from Thailand have their operations in Cambodia including Cambodia Commercial Bank (Fully owned by Siam Commercial Bank in Thailand and rename to Cambodia Commercial Bank) and Krung Thai Bank. Bangkok Bank also has a branch in Phnom Penh but closed few years ago

[mrfusion]

3 CIMB branches opens today, 19/9/2011

[SeeMacau]

CIMB is expanding fast, they may want to match with their rivals Maybank and Public Bank

[AsianDragons]

Major Chinese bank to open .
Thursday, 22 September 2011 12:01 Vong Sokheng and Don Weinland ..




1

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China’s largest bank will be the country’s second to launch in Cambodia during a period of soaring investment in the Kingdom by the People’s Republic.

The Industrial and Commercial Bank of China will open a branch office in Phnom Penh before the end of November, bank president and executive director Yang Kaisheng said on Tuesday during discussions with Cambodia Prime Minister Hun Sen.

“The relationship between Cambodia and China is quickly moving forward in a positive way,” Eang Sophalleth, Hun Sen’s personal spokesman, quoted Yang Kaisheng as saying during the meeting. “Therefore, ICBC decided to invest in Cambodia.”

With US$1.13 billion of foreign direct investment in Cambodia between January and July, or an 83 percent year-on-year increase, China is the Kingdom’s biggest investor, according to Council for the Development of Cambodia statistics.

Hun Sen welcomed ICBC, according to Eang Sophalleth, saying the bank would promote trade and, in particular, the “record-high” Chinese investment. ICBC was the largest listed bank in the world with a market capitalisation of $233.5 billion in 2010, according to the company’s website.

The increasing volume of trade and investment between the two countries is drawing Chinese banks south, said In Channy, CEO and president of ACLEDA Bank, Cambodia’s largest domestic bank.

Bank of China, the People’s Republic’s No 2 lender, opened in Cambodia in May. With total assets of more than $1.7 trillion in 2010, it was hoped the branch opening would fuel large-scale investment in the country, the Post previously reported. It has a presence in 30 countries.

“These banks are following their customers from their home country,” In Channy said yesterday. “You see the number of investments from Chinese businesses, and they really outnumber investors from other countries.”

The Chinese banks are suited to fund large projects such as hydropower dams, he said, a financing feat beyond the scope of local retail banks. Hun Sen and Yang Kaisheng also discussed goals of increasing agricultural exports to China, according to Eang Sophalleth. While Yang Kaisheng said the Chinese government has made Cambodian exports a priority, Hun Sen said no agricultural products have gone to China because of a lack of capital investment in the industry.

Numerous deals for Cambodian rice have been inked between Cambodian and Chinese companies since the beginning of the year.

Exports, however, are pending Chinese agriculture inspection that some experts have said will indefinitely hinder business, the Post reported last month.

http://www.phnompenhpost.com/index.p...k-to-open.html

[Wisarut]

CIMB better offer Islamic Banking for those Cham people
ICBC better offer loan for Chinese plantation in Cambodia though.

[0peth]

That's great and very informative topic, keep posting !!!

[SeeMacau]

Cathay Financial Gets Regulatory OK To Set Up Branch In Phnom Penh

By Jenny W. Hsu

Published November 03, 2011

| Dow Jones Newswires

http://www.foxbusiness.com/industrie...in-phnom-penh/

TAIPEI -(Dow Jones)- Cathay Financial Holding Co.'s (2882.TW) banking unit, Cathay United Bank, has been given regulatory approval to set up a branch in Phnom Penh in Cambodia, Taiwan's financial regulator said Thursday.

The two other Taiwanese banks currently operating in Cambodia are First Financial Holding Co. and Mega Financial Holding Co., said the statement, without elaborating.

Cathay Financial is Taiwan's largest listed financial conglomerate by assets.

Copyright © 2011 Dow Jones Newswires

[kimmy]

Taiwan again? Why don't we have from USA, UK, Hong Kong...

[Wisarut]

^
Those western companies think it is better to hire those Farang with Black Hair (a derogatory comparable to Banana - Asian who are more like the waesterners) than the westerners themselves.

[SeeMacau]

Originally Posted by kimmy

Taiwan again? Why don't we have from USA, UK, Hong Kong...

It is not the right time yet, I am sure they will come in the next 3-5 years

[SeeMacau]

Bank of Tokyo-Mitsubishi UFJ

Originally Posted by kimmy

From Aid to Trade: Japan Investing in Cambodia
The Cambodia Daily (Cambodia)
November 5-6, 2011

News Analysis

The Japanese are coming. After years of providing millions of dollars in aid, firms from the world's third-largest economy are now starting to enter the Cambodian marketplace.
Japan is still Cambodia's most generous foreign donor—last year, overseas development assistance reached $146 million. But while companies from countries like China, Vietnam, Malaysia and Thailand have been looking to Cambodia as an investment opportunity for almost a decade, Japanese companies have not seemed quite as interested.
That is about to change.
In 2009, there were just four investment projects carried out by Japanese firms totaling $12 million One of those firms included Ajinomoto Inc, one of Japan's largest food processing companies with net profits of $384 million last year. The following year, there were six new investments totaling $35 million dollars, including one from Minebea Co Ltd, a manufacturer of electronic components for appliances like mobile phones and video cameras. This year, however, Japan has already had 20 investments approved in Cambodia for industries like home appliances, car parts, electronics and garments. Four additional projects are also pending approval, which will bring total investment for this year to $120 million.
"This is only the beginning, I think," Japanese Ambassador to Cambodia Masafumi Kuroki said this week. "We want more Japanese companies to come. I think that Cambodia should not be satisfied only with this volume. They have to make efforts to attract more Japanese investment."
There is a culmination of reasons behind Japan's recent push into Cambodia Japan's currency has strengthened this year as investors buy up the yen as a safe haven against the US dollar. This is making Japanese exports less competitive and companies are looking abroad for new production bases.
There is also now a labor shortage in more developed countries in the region such as China, Vietnam and Thailand, where costs for manufacturers are also increasing.
While most of Japan's new investments to Cambodia are in the manufacturing sector, there are also firms specializing in retail and financial services. AEON Mall Co Ltd, a property firm that builds shopping centers, has recently bought a 6.8-hectare plot of land in Phnom Penh's Charnkar Mon district on the banks of the Tonle Bassac River, where' it plans to build an upmarket retail park.
The Bank of Tokyo-Mitsubishi UFJ, one of Japan's largest banks, has also decided to open an office in Phnom Penh. And SBI Securities, a Japanese securities firm started business in Cambodia last year to tap into the recently launched stock market It has since joined forces with Cambodia Capital Securities, a local firm owned by Royal Group, Cambodia's largest conglomerate.
Economists say the gradual improvement of Cambodia's roads and the construction of special economic zones (SEZs) in key locations has played a role in attracting companies from Japan—many of Japan's new investments are inside SEZs.
And with most developed countries grappling with poor economic conditions at home, investors are looking for new destinations.
"I think this will be a long-term trend and not just a short term shift," said Kang Chandararot president of the Cambodia Development Research Institute. 'Tough economic times have forced some countries to look for different locations to diversify their investments or business activities."
Mr Chandararot added that the size of Cambodia's domestic market is growing as spending power for those living in urban areas increases. He also said the quality of Japanese investments would help train the country's labor force to a higher standard.
Ambassador Kuroki said that since he took up his post in Cambodia two years ago, he has put a lot of effort into trying to persuade Japanese companies to set up in Cambodia. But long-standing hurdles such as high energy costs, limited numbers of locally trained technicians and engineers and poor infrastructure still deter some of the larger companies from coming.
In other words, there is little chance that we are about to see the likes of Honda or Toyota establish a presence here just yet. "But they could come in the future," the ambassador said.
'Two years ago, when I arrived in this country, I saw that the ODA and the NGO assistance is very big, but the private investment is very small," he said. "For the real economic development of a country, whether it is Cambodia or any other country, I think assistance is not enough. They need private sector development" he said.

[kimmy]

Criminal Gang Taretting ATMs in Cambodia

A group of highly organized criminals have been installing devices into ATMs around Cambodia capable of copying card details and stealing thousands of dollars from customer bank accounts.
Canadia Bank and ANZ Royal Bank are among the banks that have been targeted by the gang, who have been found operating in Phnom Penh, Siem Reap and Sihanoukville. Officials at the banks said that only a "handful" of cards have been affected, as the devices were discovered quickly. No arrests have yet been made, and police said they were unaware of the matter.
Though it would appear that the group has gone quiet in the last two weeks due to more security guards being deployed at ATMs, the technologies being used by the criminals are of a very advanced nature, bankers said.
Microcameras that are capable of reading the pin numbers of customers and sleeves that fit around the area where cards are inserted can copy all of the details stored inside a credit card's microchip. The information is then sent via a transmitter to a central database.
"There was a two-week period where we found a number of devices on our ATMs, but they were removed very quickly," said Stephen Higgins, CEO of ANZ Royal Bank.
Mr Higgins said that customers at ANZ Royal had not incurred any financial losses but that a "small number" of cards had to be canceled and reissued for security reasons. It is possible, however, that tourists or customers of foreign banks did have money taken from their accounts, although this could not be verified.
'The level of sophistication would suggest that it is an international gang that is doing it" Mr Higgins said, adding that the police had been notified of the problem.
Dieter Billmeier, vice president of Canadia Bank, said he had been made aware of the group about five months ago, after an ATM in Siem Reap was targeted.
"An average of $2,000 per card at four or five ATM machines were affected," he said, adding that the details of about 10 cards had been copied by a group of "international professionals." Unlike ANZ Royal, he said that he was not aware of Canadia being affected in recent weeks.
Deputy National Police Chief Sok Phal said that no formal complaint had been filed by any of the banks here and that the last time he was aware of such a case was two years ago.

The National Bank of Cambodia (NBC), however, is following the group closely and has urged banks to tighten security at their ATMs.
"The issue is not directly under our authority. It involves the police authorities," said Ngoun Sokha, director general of the NBC. "So far, we only try to request the banks to strengthen their mechanisms and systems so that they can maintain the confidence of the public" (Additional reporting by Phorn Bopha)
Document Source: The Cambodia Daily (Cambodia)
Document Date: 11/18/2011

[7freedom7]

Originally Posted by patchay

2nd Chinese bank officially launches operations in Cambodia
Xinhua | Updated: 2011-11-30 22:37

[Fulltimer]

Originally Posted by 7freedom7

Cambodia want china to build a bank of China tower!