Bank of China opens branch for business

via CAAI

Thursday, 09 December 2010 15:01 Soeun Say

CAMBODIA’S first Bank of China branch opened in Phnom Penh’s tallest building yesterday, in order to test its operational systems before an official launch later this month.

“Today is the first working day for us,” said Yang Yun Xia, head of the Corporate Business Department of the Bank of China, at the offices in Canadia Tower. She said that from now on, customers can open bank accounts and do business at the bank.

“We haven’t decided the date of the grand opening yet,” she added.

The Bank of China was given in-principle approval by the National Bank of Cambodia in June to operate in the Kingdom. Its first branch occupies a 745-square-metre area on the first and second floor of Canadia Tower, after the firm signed a rental agreement in September this year.

The Bank of China is one of a number of foreign banks to receive NBC approval this year, following permits for the Bank of Agriculture and Rural Development of Vietnam and Malaysia’s CIMB Group.

Officials from the Industrial and Commercial Bank of China have also voiced ambitions to open in Cambodia, after being granted in-principle approval from NBC in November.

As the thirtieth commercial bank to operate in Cambodia, Bank of China has already signed a refinancing deal with domestic mobile provider Mobitel worth US$591 million.