Hong Leong Bank Bhd (HLB) has received approval from Cambodia’s Ministry of Commerce to open a wholly-owned, locally incorporated commercial bank in Cambodia. …
HLB said with a capital of US$37.5 million (RM116.2 million), Hong Leong Bank (Cambodia) Plc will commence operations in Cambodia within six months from Jan 11. …
The Sun Daily Staff
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 in the country, Maybank Cambodia will see its capital raised from US$30 million to US$50 million to better support its clients there.
The corporate office in Phnom Penh will be ready in two years. Located in Norodom Boulevard, the main commercial street of the city, it will house the main branch and its other country operations.
Maybank president and CEO Datuk Seri Abdul Wahid Omar said: “This initiative is part of our broader strategy to further develop our operations in the country as well as strengthen our regional footprint in line with our vision to become a regional financial services leader.”
He said Maybank Cambodia had been growing at a healthy pace with assets and deposits doubling in the last four years. Total assets rose from US$129 million in June 2007 to US$313 million in December 2011 while deposits increased from US$100 million to US$231 million and loans from US$30 million to US$168 million.
Revenue in June 2011 grew to US$10.2 million from US$450,000 in June 2007 while pre-tax profit rose to US$8.4 million from US$380,000. In H2 2011, revenue was US$12.8 million while pre-tax profit was US$4.47 million.
Maybank, which set up its first branch in Cambodia in 1993, had in the last three years expanded its network to 11 branches. It also developed an ATM network in the country, which is linked to its regional locations such as Malaysia, Singapore, Brunei, the Philippines and Papua New Guinea. …