Many Vietnamese banks are planning to invest in Cambodia because amore favourable climate for growth is expected this year.
Maritime Bank and Sai Gon – Hanoi Commercial Bank (SHB) are setting upbank branches in Cambodia , with Maritime opening whollyforeign-invested branches this year.
The bank is alsoconsidering opening joint ventures that operate in securities,insurance, remittances and financial leasing sector in Laos andCambodia .
SHB is completing final procedures to open itsbranch in Cambodia . A bank representative said the bank had studiedin detail whether Cambodia was a potential market for bankoperations.
Senior lieutenant-general Le Huu Duc, deputyminister of Defence and chairman of the management board of the MilitaryCommercial Joint – Stock Bank (MB) said the bank opened a branch inCambodia last year, reflecting its development strategy for theIndochinese.
Martime Bank Phnom Penh is expected to becomea financial bridge for Vietnam , Laos and Cambodia , andcontribute more added value to the Cambodian community.
Than The Hanh, director of MB Cambodia , said Cambodia has a rapidgrowth rate in recent years but credit and banking-service access ofbusinesses and local residents are limited. The growth of capitalmobilisation has been slow, and banking services have been poor.
In addition, card services and the inter-banking market areunderdeveloped. Foreign exchange trading and the bond market barelyexist.
However, Sacombank has had success in Cambodia , first establishing its branch in Phnom Penh in June, 2009.
In October of last year, Sacombank decided to set up a 100 percent foreign-invested bank in Cambodia .
For 2010 and the first nine months of 2011, Sacombank Cambodia hadtotal mobilised capital of 40 million USD, outstanding loans of 58million USD and tax-before profit of 2 million USD.
The International Monetary Fund forecasts that the GDP growth rate of Cambodia will reach 7-8 percent this year.
Currently, Cambodia has about 503 businesses, of which 20 percent are located in Phnom Penh .
According to Cambodia 's Ministry of Commerce, Cambodia 's importvalue from Vietnam for eight months last year increased by 43percent to 976 million USD over the same period of 2010.
Its exports increased by 116 percent to 105.2 million USD.
As a result of Cambodia 's rising growth, Vietnamese businesses now face more competition from Cambodian companies.
Before Maritime Bank arrived, Cambodia had 25 foreign commercial banks and four branches, together with 21 local banks.
Foreign banks accounted for 65 percent of the market share of thebanking system, especially the most powerful and four largest banks,ACLEDA Bank, Canadia Bank, Campubank and ANZ Royal.
ThreeVietnamese banks also have a presence in Cambodia , Agribank, BIDVand Sacombank, making the banking environment even more competitive./.
Maritime Bank and Sai Gon – Hanoi Commercial Bank (SHB) are setting upbank branches in Cambodia , with Maritime opening whollyforeign-invested branches this year.
The bank is alsoconsidering opening joint ventures that operate in securities,insurance, remittances and financial leasing sector in Laos andCambodia .
SHB is completing final procedures to open itsbranch in Cambodia . A bank representative said the bank had studiedin detail whether Cambodia was a potential market for bankoperations.
Senior lieutenant-general Le Huu Duc, deputyminister of Defence and chairman of the management board of the MilitaryCommercial Joint – Stock Bank (MB) said the bank opened a branch inCambodia last year, reflecting its development strategy for theIndochinese.
Martime Bank Phnom Penh is expected to becomea financial bridge for Vietnam , Laos and Cambodia , andcontribute more added value to the Cambodian community.
Than The Hanh, director of MB Cambodia , said Cambodia has a rapidgrowth rate in recent years but credit and banking-service access ofbusinesses and local residents are limited. The growth of capitalmobilisation has been slow, and banking services have been poor.
In addition, card services and the inter-banking market areunderdeveloped. Foreign exchange trading and the bond market barelyexist.
However, Sacombank has had success in Cambodia , first establishing its branch in Phnom Penh in June, 2009.
In October of last year, Sacombank decided to set up a 100 percent foreign-invested bank in Cambodia .
For 2010 and the first nine months of 2011, Sacombank Cambodia hadtotal mobilised capital of 40 million USD, outstanding loans of 58million USD and tax-before profit of 2 million USD.
The International Monetary Fund forecasts that the GDP growth rate of Cambodia will reach 7-8 percent this year.
Currently, Cambodia has about 503 businesses, of which 20 percent are located in Phnom Penh .
According to Cambodia 's Ministry of Commerce, Cambodia 's importvalue from Vietnam for eight months last year increased by 43percent to 976 million USD over the same period of 2010.
Its exports increased by 116 percent to 105.2 million USD.
As a result of Cambodia 's rising growth, Vietnamese businesses now face more competition from Cambodian companies.
Before Maritime Bank arrived, Cambodia had 25 foreign commercial banks and four branches, together with 21 local banks.
Foreign banks accounted for 65 percent of the market share of thebanking system, especially the most powerful and four largest banks,ACLEDA Bank, Canadia Bank, Campubank and ANZ Royal.
ThreeVietnamese banks also have a presence in Cambodia , Agribank, BIDVand Sacombank, making the banking environment even more competitive./.
