Specialised bank shuts due to requirements

Cambodia Development Specialized Bank, a joint-venture between Cambodian and South Korean investors, has shut down after being unable to comply with a new minimum capital requirement, officials said.

Spokeswoman of National Bank of Cambodia, Ngoun Sokha, said the bank went into liquidation. “We did not force it,” she said.

Last year, Angkor Capital Bank downgraded from a commercial bank into specialised bank before requirements demanded minimum capital of US$37.5 million for banks and $7.5 million for specialised banks.

the phnompenh post

>   Technology develops within banking sector (25/02/2011)

>   Change mooted for receipt system (24/02/2011)

>   ATM numbers soar as bank sector develops (16/02/2011)

>   Banking scope develops, NBC says (11/02/2011)

>   IMF hits out at banking oversight (10/02/2011)

>   Scam serves as currency warning (08/02/2011)

>   Work underway at new SBC Bank branch (08/02/2011)

>   Tax take up in reeling sector (28/01/2011)

>   Strong year for insurance firms (29/01/2011)

>   NPL rates improve as MFIs prosper (27/01/2011)