Canadia, Cambodia Post to Launch New Bank
Canadia Bank PLC and Cambodia’s postal service are expected to open a commercial bank next month with financial backing from one of Singapore’s largest financial institutions, officials and sources with knowledge of the venture said Thursday. The bank, known as Cambodia Post Bank PLC, will provide full commercial banking services to customers when it opens in September. Ork Bora, a technical adviser on the project, said Cambodia Post will own a 5 percent stake in the bank, while Canadia will have 95 percent. The goal of the bank, Mr. Bora said, is to offer banking services within the postal service’s offices around the country. “But we will first start in the capital, Phnom Penh,” he said, adding that Cambodia Post plans to increase its current share after the bank opens. “In the future, we will put more capital investment in the [bank] in accordance with the agreement.” …
Joshua Wilwohl and Hul Reaksmey
http://www.cambodiadaily.com/business/canadia-cambodia-post-to-launch-new-bank-40699/
