Posts Tagged ‘banking sector’

ACLEDA launched 232nd brand

Posted by admin on May 3rd, 2010

Cambodia’s leading bank- ACLEDA bank- opened new brand in Battambang province on April 30, 2010 in order to meet customer service in that province.  Opening new brand was presided by provincial governor.

“Sustainability is a vital vision of ACLEDA bank. It was founded with such sustainability for 17 years ago to provide exclusive financial services for all- both private and public. This continues to be our guiding principle today throughout the 248 branches and offices in the Kingdom of Cambodia and the Lao PDR,” In Channy, president and CEO of ACLEDA bank, said during the grand occasion.

ACLEDA bank has 76 standard offices to provide the most comfortable and efficient facilities for its customers to conduct their financial transactions.

Recently, the bank has launched a top-up service suing mobile-mobile technology and service which allows customers to pay bill via mobile phone.

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Loan growth could hit 20pc: IMF

Posted by admin on March 22nd, 2010

CAMBODIA’S banks could see lending growth climb as much as 20 percent in 2010, with a slower growth in deposits, marking a slight recovery in the sector, said the International Monetary Fund’s chief representative in the Kingdom.

“Lending growth has picked up recently after a very substantial slowdown through most of 2009,” John Nelmes, IMF resident representative, wrote in an email Friday. “Lending growth of between 15 and 20 percent in 2010 would be in line with a modest recovery in economic activity and a reasonable increase in loan demand.”

Cambodian banks put restrictions on their lending in the fallout from the global economic crisis, but they have continued to compete for depositors.

Loan growth grew just 3.2 percent to US$2.42 billion in 2009, up from $2.34 billion the year before, according to National Bank of Cambodia figures. Deposits rose 32.7 percent to $3.28 billion in the same period.

Deposit growth is likely to slow as banks back away from competitive offers that have created too much cash and forced them to make large deposits in the National Bank at low interest rates, Nelmes said. (more…)

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NBC warned counterfeit money exchange

Posted by admin on December 25th, 2009

In order to maintain the interest of tourists and general public in Cambodia to avoid the exploitation of exchange rates among of the money exchange shops, and all currency conversation business, National Bank of Cambodia (BNC) announced that money exchange shops must show license.

Chea Chanto, NBC’s governor, also has warned tourists and the public to be careful of being defrauded by unlicensed money changers along Cambodia’s borders.

According to the announcement of NBC, “in order to guarantee personal interests and prevent accidental losses, the public should be careful, and in case of requiring the exchange of money, please, the public must change in shops that show their license, which is issued by the National Bank of Cambodia.”

The Phnom Penh Post quoted Chea Chanto as saying that “to avoid eventually losing out, customers should have their money exchanged at booths displaying operating licenses from the central bank.”

According to the notice, a few money changing shops, particularly along the border with Thailand have cheated visitors and have even passed counterfeit Cambodian riel to customers.

NBC inspection of money-changing racket on the Kingdom’s borders found many offered exchange rates far below the market rate, some as low as 2,500 riels for US$1. A dollar was worth 4,167 riels Monday, the Post reported.

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MFIs loan increased 5.46 percent Q3

Posted by admin on November 18th, 2009

Cambodian Microfinance Association (CMA) released its figures that during the third quarter of this year, Cambodia’s microfinance institutions (MFIs), which included 21 MFIs and small loans from ACLEDA Bank, increased 5.46 percent to 448.1 million, following a 2.7 percent drop in outstanding loans in the second quarter.

According to CMA’s data, non-performing loans (NPLs) declined 1.9 percent over the period to 1.48 percent, or US$8.7 million.

“We have seen the economic situation begin to recover, and people have begun to expand their businesses, so they need capital again,” Hout Ieng Tong, CMA President, was quoted by the Post as saying.

“The slash of interest rates of between 0.2 and 0.5 percentage points by MFIs in early September was also a factor,” said he. He added that interest rates are currently between 1.5 and 2.8 percent per month at MFIs.

During this period, the total loans increased but the number of borrowers was down 14.7 percent to 883,087 down from more than 1 million three months earlier, according to the report.

The report show that CLEDA bank’s outstanding portfolio of small loans was up 5.49 percent to US$172.2 million, while the drop of its NPL ration was from 1.63 percent in 2nd quarter to zero at the end of the September of 2009.

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