PHNOM PENH, June 2 (Xinhua) -- Woori Bank, the South Korea’s largest finance group, has been in talks with the National Bank of Cambodia (NBC), the regulator for the kingdom’s banking industry, in order to open its branch here, a NBC’ senior official said Thursday.
“The bank has expressed its interest in Cambodia’s market and has studied about the potential of Cambodian banking industry a few months ago,” Nguon Sokha, the NBC’s director general, told Xinhua.
She added that a meeting between the bank’s management and NBC officials will be held within this month towards the proposal for branch opening.
“In principle, the NBC is pleased to welcome foreign large banks to Cambodia in order to strengthen the country’s banking industry,” she added.
“Large banks here will reflect their trust on Cambodia,” she said. “Also, they will bring new sources of capital to develop the economy and new sophisticated banking technology for banking development.”
Nguon Sokha said that although there have been up to 29 commercial banks in Cambodia now, there still be room to grow for new comers.
“The ratio of the banks’ lending to GDP is 27 percent at the moment, it’s still low, we want to see it rise to around 40 percent of GDP,” she said.
The country’s GDP in 2010 was roughly 11.7 billion U.S. dollars.
According to Cambodian law, to open a commercial bank, the investor is required to have the minimum registered capital of 37.5 million U.S. dollars.
Currently, four South Korea’s banks are operating in Cambodia, including two commercial banks and two specialized banks. (Nguon Sovan)
How could i contact with Woori Bank? by email, website or Phone number? Would you kindly inform me back? thank in advance.
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