Prasac seeks commercial bank status
PRASAC, Cambodia’s largest microfinance institution by outstanding loans, planned to become a licensed commercial bank in the Kingdom, company officials said yesterday. The news comes despite calls from insiders and experts – most recently the International Monetary Fund and World Bank – for the National Bank of Cambodia to stop issuing new licenses for commercial banks. Prasac was preparing its core banking system, management and infrastructure for the transition, and targeting a launch date in 2013 or 2014, General Manager Sim Senacheert told the Post. “We want to transform into a bank because we would be able to offer more services and products to customers,” he said, adding that Prasac had not yet applied for a license at the National Bank of Cambodia. …
