Singapore Invests in New Cambodian Bank
An investment company owned by the Singaporean government is a minority partner in a fully licensed commercial bank set to open later this month in cooperation with Canadia Bank PLC and the country’s postal service, a source familiar with the deal confirmed Tuesday. Fullerton Financial Holdings, a subsidiary of Temasek Holdings, which is owned by the government of Singapore and whose CEO is the wife of the country’s prime minister, has a 45 percent stake in Cambodia Post Bank, the source said. Temasek owns a $173 billion portfolio, with investments mainly in Asia covering everything from financial services and telecommunications to real estate and energy, according to the firm’s website. Canadia Bank will have a 50 percent stake in the bank, while Cambodia Post Bank will own the remaining 5 percent. … Last month, some details about the bank were released, but an online job advertisement listed Tuesday for Cambodia Post Bank elaborated for the first time on the venture. “Cambodia Post Bank Plc. (CP Bank) is a full licensing commercial bank, offering financial solutions to aspiring individuals and enterprises in Cambodia. CP Bank is a strategic partnership between Canadia Investment Holding Plc., Cambodia’s Ministry of Post and Telecommunications and Fullerton Financial Holdings Pte. Ltd.,” the advertisement says. …
Joshua Wilwohl and Hul Reaksmey
http://www.cambodiadaily.com/business/singapore-invests-in-new-cambodian-bank-42137/
