Mega ICBC opens in Cambodia

Taiwan's  Mega International Commercial Bank opened its first branch in Cambodia to attract more Taiwanese investors in the kingdom.

"The presence of Mega ICBC will inject capital investment in the economy of Cambodia," the bank's president Cai You Cai said during the launching ceremony. "Through the bank, more Taiwanese companies will invest in Cambodia."

Cai said that Cambodia's rapidly economic growth and political stability had motivated the bank to decide to put the investment here.

The Mega ICBC is the 29th commercial bank in Cambodia with the initially registered capital of 37.5 million U.S. dollars in accordance to Cambodia's banking law.

Speaking during presiding over the Mega ICBC-Phnom Penh Branch launching, Neav Chanthana, vice-governor of the National Bank of Cambodia, said the presence of the Mega ICBC has truly reflected the foreign trust on Cambodian banking industry.

"It will bring new sources of capital to Cambodia and also new and sophisticated banking solutions for developing Cambodian banking industry," she said. "Through the bank, I believe that more investors from Taiwan Island will come to do business in Cambodia."

The full story is available at Xinhua News.