Thursday, 23 July 2009

HDBS ESTABLISHES BANK IN CAMBODIA

Bernama - Thursday, July 23

KUALA LUMPUR, July 23 (Bernama) -- Integrated financial services group, Hwang-DBS (Malaysia) Bhd (HDBS) launched today its flagship commercial entity and 100 percent owned subsidiary, the HwangDBS Commercial Bank Plc (Hwang DBS CB) in Phnom Penh, Cambodia.

The bank was set up with a paid-up capital of US$20 million.

"HDBS is pleased and privileged to have been awarded the banking licence by the National Bank of Cambodia to enable us to set up our first commercial entity in Phnom Penh.

"We believe the Cambodian financial industry offers great growth opportunities for foreign entities like HDBS," said Alex Hwang, a HDBS and Hwang DBS CB director.

"HDBS has invested significantly in HwangDBS CB and we are committed to building up local talent while expanding the overall marketability of our people," he added.

HwangDBS CB will commence its banking activities on July 27 against the competitive local backdrop of more than 27 local and foreign commercial banks in Cambodia.
-- BERNAMA

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