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2nd Chinese bank set to launch in Cambodia in November

09-21-2011 09:53 BJT

PHNOM PENH, Sept. 20 (Xinhua) -- China's largest bank, the Industrial and Commercial Bank of China (ICBC), is scheduled to launch its operations in Cambodia in November, the bank's president Yang Kaisheng said here on Tuesday afternoon.

When meeting with Cambodian Prime Minister Hun Sen, Yang Kaisheng said that the ICBC has already received the operating license from the National Bank of Cambodia to open a branch in Cambodia and the bank planned to launch the first branch in Phnom Penh in November.

The ICBC is the largest of China's big four state-owned commercial banks. The other three banks are the Bank of China, Agricultural Bank of China, and China Construction Bank.

Yang said that the bank's decision to enter the Cambodian market was made after the bank observed that Cambodia has full political stability and the economy has been developed well despite the period of the global financial crisis.

The ICBC will be the second bank from China investing in Cambodia after the Bank of China started operations here in May.

"Cambodia has much potential in natural resources and there is a lot of room to grow for the banking industry," he said. " Moreover, the bank's presence in Cambodia will help strengthen and expand cooperation between Cambodia and China."

He added that the bank will focus its loans on Cambodian government's priority sectors in order to assist Cambodia in its national development efforts.

Meanwhile, Hun Sen expressed his full support for the bank to invest in Cambodia and said the bank would facilitate trades and investments between Cambodia and China.

He added that Cambodia has great potentials in agriculture, but the country has not capital to invest in it, so it would be great if the bank focused its loans on the agricultural sector, especially for the projects to set up processing plants to process agricultural products for exports.

Currently, Cambodia has 29 commercial banks in full operations.

China is Cambodia's largest investor. The Chinese investment in the country has mounted to 8.8 billion U.S. dollars from 1994 to July 2011, according to reports from the Council of the Development of Cambodia (CDC).

Editor:Yang Jie |Source: Xinhua

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