KUALA LUMPUR, June 29 (Bernama) -- Hwang-DBS (Malaysia) Bhd (HDMB) is a step closer towards operating a commercial bank in Cambodia.
HDMB said Cambodia's Minister of Commerce had on June 26 issued a certificate of incorporation of HwangDBS Commercial Bank Plc (HDCB) which is effective from June 19, 2009.
As required by the National Bank of Cambodia, HDCB targets to start operations in Cambodia by July 31, subject to a final licence to be issued by the National Bank, HDMB said in announcement on Bursa Malaysia.
HDCB is a wholly-owned subsidiary of the HDMB and will operate as a commercial bank in Cambodia.
Currently, HDCB has an issued and paid-up capital of US$2 comprising two ordinary shares of par value US$1 each.
The issued and paid-up capital of HDCB will be increased to US$20 million, comprising 20 million ordinary shares of par value US$1 each, all to be issued to HDMB before the start of business operations.
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