Specialised bank shuts due to requirements

(PHNOM PENH POST) CAMBODIA Development Specialized Bank, a joint-venture between Cambodian and South Korean investors, has shut down after being unable to comply with a new minimum capital requirement, officials said. Spokeswoman of National Bank of Cambodia, Ngoun Sokha, said the bank went into liquidation. “We did not force it,” she said. Last year, Angkor Capital Bank downgraded from a commercial bank into specialised bank before requirements demanded minimum capital of US$37.5 million for banks and $7.5 million for specialised banks.