CIMB sets up shop in Cambodia

Group is now present in eight out of ten ASEAN nations with access to 89 per cent of its GDP and 82 per cent of the region’s population. Branch located on Norodom Boulevard in Phnom Penh.

Malaysia-based CIMB Bank said it has received its license to fully operate a 100 per cent-owned subsidiary in Cambodia. Six months after CIMB received the approval-in-principle to establish and operate in Cambodia; the group received the license to offer banking products and services to the country of 14.5 million.

Chea Chanto, the Governor of the National Bank of Cambodia, officially handed over of the license to Dato Sri Nazir Razak, Group Chief Executive, CIMB Group in a ceremony at the branch which also serves as the headquarters on Norodom Boulevard in Phnom Penh.

“We strongly believe in the empowerment of local leadership and the development of products and services which are familiar to local cultures and practices. In doing so, we hope that the population will treat us not as a foreign bank, but as a local bank with regional resources,” Nazir said.

With the establishment of CIMB in Cambodia, the Group is now present in eight out of ten ASEAN nations with access to 89 per cent of its GDP and 82 per cent of the region’s population.