Bank of China sets to launch Cambodian branch
The Bank of China pledges to bridge closer economic ties between the two countries, said the visiting Yue Yi, vice president of Bank of China, on Friday.
"The presence of the Bank of China in Cambodia is to strengthen and expand friendship and economic cooperation between Cambodia and China," Yue Yi said at a meeting with the governor of National Bank of Cambodia, Chea Chanto.
The Bank of China Phnom Penh Branch is scheduled to launch officially on May 7.
He said that with the bank's presence here, it will help facilitate business activities between the two countries. "We will also help to encourage more Chinese investors to Cambodia."
Meanwhile, Chea Chanto expressed his full support for the presence of the bank in Cambodia.
"The operation of the Bank of China in Cambodia reflects the trust of foreign investors on Cambodia," he said, "It's also a sign of progress in Cambodia's banking industry."
The governor said that Cambodia's banking industry, currently, is quite stable.
By the end of 2010, the customers' deposits 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.
Also, the ratio of the non-performing loan in the banking industry has declined to only 3 percent as of April, said the governor.
Including the presence of Bank of China, there are 30 commercial banks in the country so far.
Source: Xinhua
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"The presence of the Bank of China in Cambodia is to strengthen and expand friendship and economic cooperation between Cambodia and China," Yue Yi said at a meeting with the governor of National Bank of Cambodia, Chea Chanto.
The Bank of China Phnom Penh Branch is scheduled to launch officially on May 7.
He said that with the bank's presence here, it will help facilitate business activities between the two countries. "We will also help to encourage more Chinese investors to Cambodia."
Meanwhile, Chea Chanto expressed his full support for the presence of the bank in Cambodia.
"The operation of the Bank of China in Cambodia reflects the trust of foreign investors on Cambodia," he said, "It's also a sign of progress in Cambodia's banking industry."
The governor said that Cambodia's banking industry, currently, is quite stable.
By the end of 2010, the customers' deposits 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.
Also, the ratio of the non-performing loan in the banking industry has declined to only 3 percent as of April, said the governor.
Including the presence of Bank of China, there are 30 commercial banks in the country so far.
Source: Xinhua
Weekly review April 23 Pictures catch ancient & cult! ural her itage of a Sichuan town April 28 Will China's rise lead to the decline of U.S.? April 25 Kunming-Singapore High-Speed Railway begins construction April 25 Chinese path -- a marvel of world's economic growth April 23 The week in pictures April 26 Second excavation to sunken 'Nan'ao No 1' finished April 27 Guizhou girl designs tea set for Prince William's wedding April 26 PLA reserve force Type 07 uniform makes debut in Beijing April 28 Old friends eye for new & higher levels of cooperation April 29 Shanghai auto show closes Editor
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