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First French bank launched in Cambodia

Xinhua, March 2, 2017 Adjust font size:

France's BRED Bank, one of the largest lenders in Europe, has opened its branch in Cambodia, marking the first French bank investing in the Southeast Asian country, BRED's CEO Olivier Klein said on Thursday.

Klein made the remarks during a meeting with Cambodian Prime Minister Samdech Techo Hun Sen at the Peace Palace in Phnom Penh, according to Eang Sophalleth, an assistant to the prime minister.

"Klein informed the prime minister that the bank is very pleased to invest in Cambodia, the country that has political stability and good economic growth," the assistant told reporters after the meeting.

For his part, Hun Sen said that the presence of BRED Bank in Cambodia sent a message to both French and other foreign investors that Cambodia has political stability, sound economic growth and potential for investment.

To date, Cambodia has 38 commercial banks, 14 specialized banks and nearly 60 microfinance institutions as well as 160 rural credit operators, according to the National Bank of Cambodia, or the central bank.

The country has the 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