Bangkok--15 Jun--Bangkok Bank
Bangkok Bank has celebrated the grand opening of its Cambodia branch in Phnom Penh, set to provide a complete range of financial services for Thai and international customers investing and doing business in Cambodia. It will also target local clients and clients’ trading partners using the Bank’s international network to service and advise foreign investors in Cambodia and also Cambodian companies wishing to do business in countries with the Bank’s branch network. The Cambodia branch opening marks a significant achievement for Bangkok Bank, the Thai bank with the largest branch network in ASEAN.
Bangkok Bank President Chartsiri Sophonpanich said Bangkok Bank held the grand opening of its Cambodia branch in Phnom Penh on June 15, 2015 after the National Bank of Cambodia (NBC) granted Bangkok Bank a license to operate a local branch on December 30, 2014. The new branch, managed by Ms. Yiamsri Ubonpong, will provide a full range of financial services including deposits, business lending, trade services, foreign currency transfers and currency exchange services.
The expansion of Bangkok Bank’s branch network to Cambodia highlights its goals to become a leading regional bank, providing a full range of services to customers across the industrial, agricultural and service sectors. Customers of the new branch are expected to be businesses from Thailand and the Bank’s international network wishing to expand into Cambodia, SMEs, high-net-worth customers, employees of corporate customers of the Bank, and Thais who own businesses or reside in Cambodia. Bangkok Bank also plans to offer services to its customers’ trade partners as well as local customers, provide information and advice to Thai and foreign investors planning to invest in Cambodia, and service Cambodian investors wishing to do business in other countries with Bangkok Bank branches.
Mr. Chartsiri added that the Bank had recruited and provided training to local staff and will further develop local employees’ potential by teaching them about business systems and financial products. The Bank is committed to being ‘puan koo kit mit koo baan’ (a trusted partner and reliable close friend) to help its customers achieve success. It will seek opportunities for its customers and provide them with a full range of services to meet their needs, and they will also have the support of the Bank’s well-established international network. This now comprises 30 branches in 14 economies worldwide, serviced by local staff with extensive experience of their domestic markets and strong relationships and expertise. This strong international network enables the Bank to connect investors, financiers and entrepreneurs in business partnerships across the region, and can help customers across all sectors meet challenges, take advantage of opportunities, and grow their businesses.
“During the past 10 years Cambodia’s economy has had an average real growth rate of 7.9 percent and is expected to grow by an average of 6.7 – 7.4 percent over the next three years as regional trade and investment expands after the ASEAN Economic Community (AEC) is formed at the end of 2015.
“Cambodia also has other attractive features, such as special trading privileges, an abundance of natural resources that are vital to the economy, and low wages. Moreover, the government has a policy of encouraging foreign investment, with no limits on shareholding or capital controls, no restrictions on fund transfers out of the country, reduced income taxes, import and export tax exemptions, supporting international investment in transportation development, as well as revising laws and regulations to keep them up-to-date. These factors will attract more businesses to invest in Cambodia and present ideal opportunities for Bangkok Bank to facilitate and meet the needs of customers doing business in the country,” said Mr. Chartsiri.