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China's Taiwan leading bank launches operations in Cambodia
The Mega International Commercial Bank (Mega ICBC) from China's Taiwan on Friday opened its first branch here, aimed at attracting more Taiwanese investors to the Kingdom.
"The presence of Mega ICBC will inject capital investment in the economy of Cambodia," the bank's president Cai You Cai said during the launching ceremony. "Through the bank, more Taiwanese companies will invest in Cambodia."
Cai said that Cambodia's rapidly economic growth and political stability had motivated the bank to decide to put the investment here.
The Mega ICBC is one of the leading banks in Taiwan region. It has 108 branches in Taiwan along with 33 overseas branches, representatives and subsidiaries, he said, adding that the bank had been rated by the world's top three credit rating agencies as "the best credit rating" among Taiwanese banks.
Taiwan is the fifth largest investor in Cambodia with the accumulative investment reaching 823 million U.S. dollars from 1994 to July 2011, according to the reports of the Council for the Development of Cambodia.
The Mega ICBC is the 29th commercial bank in Cambodia with the initially registered capital of 37.5 million U.S. dollars in accordance to Cambodia's banking law.
Speaking during presiding over the Mega ICBC-Phnom Penh Branch launching, Neav Chanthana, vice-governor of the National Bank of Cambodia, said the presence of the Mega ICBC has truly reflected the foreign trust on Cambodian banking industry.
"It will bring new sources of capital to Cambodia and also new and sophisticated banking solutions for developing Cambodian banking industry," she said. "Through the bank, I believe that more investors from Taiwan Island will come to do business in Cambodia."
Chanthana said that Cambodia's banking industry has grown well in recent years. Currently, the total current assets in the industry are equal to about 56 percent of the GDP.
The country's GDP in 2010 was roughly 11.7 billion U.S. dollars.
By June this year, 9 percent of the country's 14.3 million people have bank accounts, up from just 6 percent in 2004, she added.
xinhuanet
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