Economy and commerce

Banking and financial services

Cambodia’s largest MFI boosts green farming loans

Cambodian microfinance institution PRASAC says it is bolstering its green credentials by increasing loans for eco-friendly farming methods in the kingdom. President and CEO of PRASAC, said the institution is “committed to providing and developing more green financing to the rural people for their livelihood ...

http://www.phnompenhpost.com/index.php/2012060156521/Business/cambodias-largest-mfi-boosts-green-farming-loans.html

KR Banking Chief Says Institution Was Sham

On his first day of questioning at the Khmer Rouge tribunal yesterday, Sar Kim Lomouth, the deputy director of the State Bank of Democratic Kampuchea, described how the national financial institution was nothing but a charade during the Pol Pot regime. Currency had been abolished and financial transactions eliminated under ...

Boeung Kak children’s tearful plea

Children of imprisoned Boeung Kak lake women pleaded for their mothers’ release outside the Ministry of Justice yesterday. The demonstration, which included more than 200 Boeung Kak residents and activist monk Loun Savath, was held on the eve of International Children’s Day. It also coincided with more ...

http://www.phnompenhpost.com/index.php/2012060156538/National-news/boeung-kak-childrens-tearful-plea.html

Credit guarantee unit to serve Asean

The Credit Guarantee and Investment Facility (CGIF), an agency set up by Asean+3 and the Asian Development Bank to help develop local-currency bond and cross-border bond markets in the region, has started to operate, says chief executive Kiyoshi Nishimura. He said the CGIF will fill in ...

http://www.bangkokpost.com/business/economics/296033/credit-guarantee-unit-to-serve-asean

Canadia Bank backs a rice mill in Takeo

Canadia Bank will launch a rice mill in Cambodia’s Takeo province in October, a move that insiders said could help curb the flow of unmilled rice to neighbouring Vietnam. Bank officials yesterday said they will buy US$3 million in milling equipment, and the total cost of ...

http://www.phnompenhpost.com/index.php/2012053156500/Business/canadia-bank-backs-a-rice-mill-in-takeo.html

Cambodians shun banks: World Bank report

Cambodian people used banks less than any other country in the Asia-Pacific region last year in percentage terms of using financial services, recent data from the World Bank showed. The report, released this month, also pointed to high growth in the percentage of borrowers, which insiders ...

http://www.phnompenhpost.com/index.php/2012053056467/Business/cambodians-shun-banks.html

Advanced Bank of Asia loans MFI $2m

The Advanced Bank of Asia (ABA) last week loaned PRASAC Microfinance Institution US$2 million to support the rapid growth of the microfinance loan industry. The domestic loan was chosen to “diversify our funding sources” because of a large reliance on overseas capital which moves many of the jobs created ...

http://www.phnompenhpost.com/index.php/2012052956446/Business/advanced-bank-of-asia-loans-mfi-2m.html

Acleda Raises Capital by Nearly 30 Percent

Acleda Bank has raised its bank capital—the amount of money it has available for expenditure—by 28 percent to $113.16 million, the bank announced in a statement on Friday. In Channy, CEO of Acleda, said yesterday the extra capital would be used to increase its loan portfolio ...

Cambodia Officially Starts Trading Life Insurance

Cambodia on May 21 officially started to trade life insurance for first time in history with hope of supplementing social security and growth of insurance development in the kingdom. At the inauguration ceremony at 21st floor of Canadia Tower in Phnom Penh, His Excellency, Aun Porn Moniroth, secretary of state of finance ministry said: “it ...

http://thesoutheastasiaweekly.com

Credit in Banking Sector Surpasses $4B in 2011

Loan disbursals in Cambodia’s banking sector increased by 33 percent to more than $4 billion last year, as credit to the housing market and agricultural sector saw the largest amount of growth, the National Bank of Cambodia (NBC) said in its annual report, released yesterday. While ...

First life insurance company launches in Cambodia

The Kingdom’s first life insurance company, Cambodian Life, launched yesterday, courting a market almost entirely unfamiliar with the service. Industry insiders said demand for the products would need time to grow. The establishment of Cambodian Life in the Kingdom would develop confidence in the market and ...

http://www.phnompenhpost.com/index.php/2012052256297/Business/life-insurance-opens-doors.html

British companies eye on Cambodia on education, construction and finance services

Considering the growth potential of US$400-million worth in bilateral trade between the United Kingdom and Cambodia for the past five years, the British Trade and Investment office plans to establish its permanent branch in Phnom Penh. British companies are eyeing investment opportunities in education, construction and ...

http://www.etmcambodia.com/news.php?id=49

MFIs defy typically slow first quarter

Total loans and deposits at the Kingdom’s microfinance institutions jumped in the first quarter of 2012 despite what is typically a slow season for the industry, insiders said yesterday. Loans outstanding reached US$708 million for the period ending on March 31, climbing 9.8 per cent from ...

http://www.phnompenhpost.com/index.php/2012050856024/Business/mfis-defy-typically-slow-first-quarter.html

Newest ASEAN fund may be out of reach for Cambodian govt

The ASEAN Infrastructure Fund, the largest pooling of financial resources among Southeast Asia’s 10-member bloc, held its first board meeting in Manila last week, but the extent to which Cambodia will borrow from the non-concessional fund has yet to be determined, experts said. ASEAN countries and ...

http://www.phnompenhpost.com/index.php/2012050756005/Business/newest-asean-fund-may-be-out-of-reach-for-cambodian-govt.html

FTB signs MoU with Tong Yang

The Foreign Trade Bank of Cambodia (FTB) and Tong Yang Securities (Cambodia) yesterday signed a memorandum of understanding on financial consultation services and trade co-operation that is hoped to expand banking and securities business in the country. The MoU should bring the bank and the securities firm into ...

http://www.phnompenhpost.com/index.php/2012042055666/Business/ftb-signs-mou-with-tong-yang-mulls-ipo.html

Exit of ANZ Royal CEO unexplained

ANZ Royal Bank chief executive Damian Bell has resigned from the post he held for not much more than a month, a company spokeswoman confirmed yesterday. He resigned “several weeks ago”, Libby Armstrong, a Hong Kong-based ANZ spokeswoman, said by phone. No explanation was offered for ...

http://www.phnompenhpost.com/index.php/2012041855621/Business/exit-of-anz-royal-ceo-unexplained.html

Leopard Capital allegedly sank seafood firm

In Sihanoukville, just north of Cambodia’s only deep-water port, stands the headquarters of Chenla Seafood. A uniformed guard stands watch at the gate, which opens on to manicured grounds and a two-building facility that houses what will likely become the country’s premier seafood processor. A few ...

http://www.phnompenhpost.com/index.php/2012041755612/Business/leopards-fishy-business.html

Microfinance Firms Look to Retail Lending

While shopping for a brand-new television, 27-year-old Loek Bunhai recently bought a Sony flat-screen at the Sunsimexco retail outlet on Phnom Penh’s Monivong Boulevard for $345. But with a monthly salary of $300 from his job as a microfinance officer in Phnom Penh, Mr. Bunhai was ...

Maybank steers for untapped markets

Maybank will bet on what it said was Cambodia’s low bank-penetration rate for future growth as it transitions from a branch of its Malaysian parent into a locally incorporated subsidiary. With 34 licenced banks operating in a market with US$4.07 billion in loans in 2011, analysts ...

http://www.phnompenhpost.com/index.php/2012040555439/Business/maybank-steers-for-untapped-markets.html

Maybank Cambodia aims to be in top 5 by 2015

Maybank launched yesterday its locally incorporated company in Cambodia, Maybank (Cambodia) Plc, and will also build a 10-storey corporate office with the aim of becoming one of the top five banks there by 2015. Currently ranked seventh in terms of assets among 33 banks operating ...

http://www.thesundaily.my/news/340539

Net Profits at Acleda Bank Increased by 86% in 2011

Net profits at Acleda Bank increased by 86% to $49.4 million in 2011 as the company grew both its deposits and loan portfolio. In a statement released on Friday, Acleda said that loans grew by 35.4 percent to $989.4 million, while deposits at the bank ...

Canadia subsidiary buys 15% stake in CVI

Diamond Island Development Co Ltd, owned by Canadia Bank, yesterday bought a 15 per cent stake in Investment and Development Company of Cambodia (IDCC)’s Cambodia-Vietnam Insurance Plc. The companies declined to give the value of the stake. Ngay Mengly, sales officer at Cambodia-Vietnam Insurance Plc, said ...

http://www.phnompenhpost.com/index.php/2012032955307/Business/canadia-subsidiary-buys-15-stake-in-cvi.html

Bank Backs Displaced Families’ Compensation

The Asian Development Bank (ADB), one of the two major financiers of the rehabilitation of Cambodia’s railways, yesterday rejected criticism that they were providing insufficient resettlement packages to residents displaced by the project. On Friday, the ADB released a cost study that showed that the compensation ...

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