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China's Taiwan opens 2nd bank in Cambodia

Source:   Time:

PHNOM PENH, March 28 (Xinhua) -- Taiwan Cooperative Bank, one of the leading banks in China's Taiwan, officially commenced business in capital Phnom Penh on Thursday, bringing the number of commercial banks in the kingdom to 33.

Taiwan Cooperative Bank is the 2nd bank from China's Taiwan in Cambodia after the Mega International Commercial Bank opened its door in September 2011.

Speaking at the ceremony, Ouk Maly, vice-governor of the National Bank of Cambodia, said that the presence of the bank in Cambodia reflected foreign investors' confidence in the country' s banking industry.

"New bank will bring new sources of capital, new hi-tech banking solutions, and new employment to Cambodia," she said. " Through the bank, I believe that more investors from Taiwan region will come to Cambodia for business opportunities."

Ling-long Shen, chairman of the Taiwan Cooperative Bank, said that this was another success after the bank opened its Sydney branch in September 2011.

"Our overseas branches reflect our determination to move into the international financial market," he said.

He said the bank's decision to enter Cambodian market was thanks to the country's political stability and sound economic growth.

"Since Cambodia is one of the ASEAN member countries, it is a focal point of the public," he said. "The bank's branch in Cambodia is the beginning of Taiwan Cooperative Bank for its expansion onto the Indo-China Peninsula."

He said the bank will not only serve local businesspeople from (China's) Taiwan, but also expand Cambodian local businesses and individuals.

Cambodia sees fast growing in banking sector in recent years. As of last year, the kingdom's commercial banks had lent a total of 5.89 billion U.S. dollars to customers, a 34 percent rise year- on-year, according to the report of the National Bank of Cambodia.

On the deposit side, the customers' deposits at the banks had amounted to 6.19 billion U.S. dollars by last year, up 25 percent year-on-year, it said.

This Southeast Asian nation has the population of about 14.5 million. The banking sector has been serving about 1.6 million borrowers and 1.9 million depositors, according to the report.

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