CIMB gets approval to expand in Cambodia

Country's central bank governor granted approval-in-principle to lender's bid to offer banking services to 14mln Cambodians.

CIMB Group obtained its approval-in-principle to offer banking services in Cambodia by its central bank, the National Bank of Cambodia. The approval letter was handed over to Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group by H.E. Chea Chanto, Governor of the National Bank of Cambodia on Sunday, 9 May 2010, according to a CIMB report.

"We are pleased to be granted the approval-in-principle to establish a banking presence in Cambodia. We are excited about the long-term prospects for the Cambodian economy and believe we can contribute to the development of the domestic banking market and facilitate more trade and investment flows between Cambodia and other ASEAN markets," said Nazir.

The approval-in-principle allows CIMB Bank to establish and operate a 100% owned subsidiary to offer banking products and services to the nation of 14 million people. The approval requires CIMB Group to set up its operations within six months. The Group plans to establish its headquarters in Phnom Penh as soon as possible.

Nazir further added, "This move further cements our position as a leading  ASEAN franchise. We are now in eight out of ten ASEAN countries."