A FOURTH Malaysia bank – CIMB – is set to launch in Cambodia today, bringing the number of banks operating in the Kingdom to 29.
Government officials and bankers alike said yesterday the new entry demonstrated the soundness and strength of Cambodia’s financial sector.
“They clearly know about the potential and progress of our economy and they are confident in the sector – that’s why they have invested here. We welcome any new investment,” said Director General of the National Bank of Cambodia, Tal Nay Im, yesterday.
In Channy, president and CEO of ACLEDA Bank, also welcomed the investment, stating: “This emphasises that they trust in our banking regulations and systems, as well as the growth of our economy.”
Dieter Billmeier, vice president and advisor to Canadia bank, wrote in an email to The Post that CIMB was a well known, respected and experienced Asian bank that could bring its expertise to the Kingdom. But he warned it may be entering an “overbanked” Cambodian market.
Increased competition, according to In Channy, could benefit the man on the street.
“If CIMB can bring new products and services, they will make the existing [banks] to try to improve the quality of their products. Customers will enjoy more banking products and services [such as loans] with lower interest rates,” he said.
Tal Nay Im added that new banking products and technological expertise could encourage more people to use banks.
“The numbers of people in the population using banking service and products are still low. But the new banks opening will attract them,” she said.
Pok Vivilay, assistant to vice president of CIMB, declined to comment yesterday. The bank’s first branch will open on the corner Norodom Boulevard and Street 118, in Phnom Penh.
(source from the phnompenhpost newspaper,Friday, 19 November 2010 15:01 May Kunmakara)
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