Bank of China taps Cambodian market

Bank of China started operating its Phnom Penh Branch, making it the first lender from China in Cambodia. It also became the Kingdom's 30th commercial bank.

Deputy Prime Minister and Finance Minister Keat Chhon believes that the bank's presence here would contribute to the development of Cambodian economy.

"The bank will provide advantages and positive inputs to Cambodia to boost its banking industry and economic growth," he said during the launching ceremony, which was attended by about 200 bankers, local and Chinese business people in Cambodia.

"I would like to encourage the bank to focus its loans on agricultural sector in order to help Cambodian government to develop this sector, which is one of the four pillars supporting the country's economic growth," he said.

Chea Chanto, the governor of National Bank of Cambodia, said the bank's presence reflected the confidence of Chinese investors in Cambodian market.

"With the presence of the bank, it would bring new technology and innovative banking products to develop Cambodian banking industry," he said.

He said that by the end of 2010, the customers' deposits in the banking sector grew by 26 percent to 4.16 billion U.S. dollars, while the customer credits increased by 26.7 percent to 3.18 billion U.S. dollars.

The country has the population of 14.3 million, of which, 1.35 million people have used banking system, he added.

The full story is available at xinhuanet.com.