[PHNOM PENH POST]
The National Bank of Cambodia has approved Taiwan’s Cooperative Bank to
establish a branch in Phnom Penh, Taiwan’s Economic Daily News reported.
It would be the second Taiwanese bank to enter Cambodia’s
banking sector, which experts have said is overcrowded. Taiwan’s Mega
International Commercial Bank opened in early October, the Post
reported.
There are reportedly 38 banks operating in the
Kingdom. Cooperative Bank opened a branch in Australia earlier this
year, part of an effort to expand its footprint overseas, according to
the bank’s website.
The bank has 306 domestic and overseas
branches in countries such as the Philippines, China and the United
States, according to the website. Representatives from the bank were not
available for comment yesterday.
Cai Youcai, president at the
Mega International Commercial Bank, said at the bank’s opening that
Taiwanese banks in Cambodia would encourage more Taiwanese investment in
the county, while also providing financing to locals.
No comments:
Post a Comment