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Thailand's Kasikornbank taps into Cambodia's banking market

Xinhua, February 8, 2017 Adjust font size:

Kasikornbank (KBank), Thailand's fourth-largest bank by assets, opened its branch here on Wednesday to facilitate Thai investors in Cambodia with loans, cross-border transactions and business advisories.

The inauguration ceremony was attended by Ouk Maly, deputy governor of the National Bank of Cambodia (NBC).

KBank president Predee Daochai said the bank's Cambodian branch began operations with the investment capital of 50 million U.S. dollars.

"The branch's objective is to facilitate Thai businesses in the areas of corporate financing, fund mobilization for investments in infrastructure projects, and production of garments and processed food," he said.

KBank is the fourth Thai bank and the 37th commercial bank that operates in the kingdom.

Besides commercial banks, Cambodia has 14 specialized banks, 57 microfinance institutions and 160 rural credit operators, according to the NBC.

The Southeast Asian country has a population of nearly 15 million, and the banking and financial institutions have been serving around 4.4 million depositors and 2.6 million borrowers. Enditem