Phnom Penh Commercial Bank

Phnom Penh Commercial Bank
Private
Founded Phnom Penh, Cambodia (September 2008 (September 2008))
Headquarters Phnom Penh, Cambodia
Area served
 Cambodia
Parent Hyundai Swiss Savings Bank, SBI Group
Website Phnom Penh Commercial Bank

Phnom Penh Commercial Bank (PPCB) is a public bank of Cambodia. The bank was founded on 1 September 2008 with US$15m in paid in capital.[1] The head office of the bank is located on Monivong Boulevard in Phnom Penh.

The bank is a joint venture of Hyundai Swiss Savings Bank (now SBI Savings Bank) of South Korea, and SBI Group of Japan.[2][3] The SBI Group has invested $6 million for a 40% interest in the new Cambodian bank while Hyundai Swiss Savings Bank has invested $8.55 million for a 57% stake. The remaining 3% investment is held by another South Korean financial group.[4] The Phnom Penh Commercial Bank is Cambodia's 23rd commercial bank[5] and the first bank launched by a Japanese company in Cambodia.[6]

Background

The Phnom Penh Commercial Bank is one of a number of banks which have opened operations in Cambodia in the wake of several major changes in the domestic financial sector. In May 2007, Standard and Poor’s issued a historic first ever rating to a Cambodian bank.[7] In 2008, the National Bank of Cambodia announced a change in the deposit requirements for all banks operating in Cambodia.

With growth rates of over 10% for the last three years, investors from Asian countries like Korea and Japan are increasing direct foreign investment in Cambodia. As a joint venture between two large Asian companies, the Hyundai Swiss Savings Bank (now SBI Savings Bank) and the SBI Group the Phnom Penh Commercial Bank is part of this growing trend.

Services

The bank offers several core personal banking services. It offers saving accounts, term deposits, corporate and personal loans, automated teller machine and various corporate banking services.[8] PPCB also offers various services for business like trade financing services, including documentary credits, shipping and airway guarantees, inward bills for collection, trust receipts and bills receivable financing. Bank guarantees and standby letters of credit are also available.[9]

References

  1. ↑ "SBI Cambodia bank starts business". Kyodo News. Sep 2, 2008. Retrieved 2009-01-14.
  2. ↑ http://eng.hsb.co.kr/
  3. ↑ http://www.ppcb.com.kh/index.php?option=com_content&task=view&id=95&Itemid=186
  4. ↑ "SBI Holdings, Hyundai Swiss open bank in Cambodia". The Asian Banker. September 10, 2008. Retrieved 2009-01-14.
  5. ↑ "The Banking System in Cambodia" (PDF). Bank of Thailand. September 30, 2008. Retrieved 2009-01-14.
  6. ↑ "SBI Opens Bank in Cambodia". Jiji Press. Sep 1, 2008. Retrieved 2009-01-14.
  7. ↑ "Coming Soon: A Cambodian Stock Exchange". BusinessWeek. October 25, 2007. Retrieved 2009-01-10.
  8. ↑ "Personal banking". Phnom Penh Commercial Bank. 2009. Retrieved 2009-01-13.
  9. ↑ "Corporate banking". Phnom Penh Commercial Bank. 2009. Retrieved 2009-01-13.

External links

Coordinates: 11°32′28.07″N 104°55′20.89″E / 11.5411306°N 104.9224694°E / 11.5411306; 104.9224694

This article is issued from Wikipedia - version of the Sunday, June 22, 2014. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.