Phnom Penh Commercial Bank

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Phnom Penh Commercial Bank
TypePrivate
IndustryBanking
FoundedSeptember 2008; 13 years ago (September 2008)
Headquarters
Phnom Penh
,
Cambodia
Area served
Cambodia
Owner
  •  [ko] (60%; 2016–present)
  • OK Financial Group (40%; 2016–present)
Parent
  •  [ko] (50%; 2016–present)
  • JB Woori Capital (10%; 2016–present)
  •  [ko] (40%; 2016–present)
Websiteppcbank.com.kh Edit this at Wikidata

Phnom Penh Commercial Bank (PPCB) is a public bank of Cambodia. The bank was founded on 1 September 2008 with US$15m in paid in capital.[1] The head office of the bank is located at #217, Norodom Blvd, Sangkat Tonle Bassac, Khan Chomkarmon.

The bank was established as a joint venture of Hyundai Swiss Savings Bank (now ) of South Korea, and SBI Group of Japan.[2][3] The SBI Group has invested $6 million for a 40% interest in the new Cambodian bank while Hyundai Swiss Savings Bank has invested $8.55 million for a 57% stake. The remaining 3% investment was held by another South Korean financial group.[4] The Phnom Penh Commercial Bank is Cambodia's 23rd commercial bank,[5] and was the first bank launched by a Japanese company in Cambodia.[6]

In 2016, the bank was acquired by a consortium of South Korean  [ko] and what is now OK Financial Group (a conglomerate run by Korean Japanese entrepreneurs), each obtaining 60% and 40% of stakes respectively. As a result, the bank is currently owned by two subsidiaries of JB Financial Group –  [ko] (a regional bank that primarily serves the North Jeolla Province; 50%) and JB Woori Capital (unrelated to neither Woori Financial Group nor its subsidiary Woori Bank; 10%) – and one subsidiary of OK Financial Group –  [ko] (which issues high-interest loans under the trade name of Rush & Cash; 40%).[7]

Background[]

The Phnom Penh Commercial Bank is one of a number of banks which have opened operations in Cambodia in the wake of several major changes in the domestic financial sector. In May 2007, Standard and Poor’s issued a historic first ever rating to a Cambodian bank.[8] In 2008, the National Bank of Cambodia announced a change in the deposit requirements for all banks operating in Cambodia.

With growth rates of over 10% for the last three years, investors from Asian countries like South Korea and Japan were increasing direct foreign investment in Cambodia.

Services[]

The bank offers several core personal banking services. It offers saving accounts, term deposits, corporate and personal loans, automated teller machine and various corporate banking services.[9] PPCB also offers various services for business like trade financing services, including documentary credits, shipping and , inward , trust receipts and bills receivable financing. Bank guarantees and standby letters of credit are also available.[10]

References[]

  1. ^ "SBI Cambodia bank starts business". Kyodo News. Sep 2, 2008. Retrieved 2009-01-14.
  2. ^ http://eng.hsb.co.kr/
  3. ^ http://www.ppcb.com.kh/index.php?option=com_content&task=view&id=95&Itemid=186
  4. ^ "SBI Holdings, Hyundai Swiss open bank in Cambodia". The Asian Banker. September 10, 2008. Retrieved 2009-01-14.[permanent dead link]
  5. ^ "The Banking System in Cambodia" (PDF). Bank of Thailand. September 30, 2008. Retrieved 2009-01-14.[dead link]
  6. ^ "SBI Opens Bank in Cambodia". Jiji Press. Sep 1, 2008. Retrieved 2009-01-14.[dead link]
  7. ^ Lee, Donald. "How a midsize Korean bank plans to finance the Kingdom's middle class". Capital Cambodia. Khmer Times. Retrieved 30 January 2020.
  8. ^ "Coming Soon: A Cambodian Stock Exchange". BusinessWeek. October 25, 2007. Retrieved 2009-01-10.
  9. ^ "Personal banking". Phnom Penh Commercial Bank. 2009. Retrieved 2009-01-13.
  10. ^ "Corporate banking". Phnom Penh Commercial Bank. 2009. Retrieved 2009-01-13.

External links[]

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