HwangDBS Opens Branches In Cambodia

via CAAI

KUALA LUMPUR, Dec 9 (Bernama) -- HwangDBS (Malaysia) Bhd has opened its second commercial bank branch in Phnom Penh, Cambodia, with a third to be inaugurated on Dec 29.

In a statement, HwangDBS Commercial Bank PLC Director Hwang Lip Teik said, as an assurance to Cambodia, the issued and paid-up statutory capital has been increased to US$37.5 million.

"Significant infrastructure investments in the two new branches has also been incurred.

"Additionally, we will continue investing in human capital development to ensure our staff are trained to international standards and according to industry best practices," he added.

Senior vice president of HwangDBS Commercial Bank PLC, Han Peng Kwang said: "Our strategy will be to focus on reaching out to the under-served sectors and areas within Phnom Penh.

"We are the only bank in Cambodia that offers specific loans to dentists and we believe there are still many areas with tremendous potential that can be tapped into."

He also identified sectors that would be immediate beneficiaries of the increased prosperity and population growth.

They are property, construction, technology and communications, retail, financial and professional services, commodities as well as manufacturing.

"Cambodia has the advantage of a very young, vibrant and enthusiastic population. At a median age of 23, this group will be a critical component in the rapid urbanisation of the country," Han said.