South Korea’s Industrial Bank of Korea (IBK) has announced it will open a representative office in Phnom Penh this year.
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The representative of the Phnom Penh branch, who asked not to be named, said IBK had become the third Korean bank to be granted a licence from the National Bank of Cambodia to set up an office to operate as a commercial bank in Cambodia.
“Currently, the bank is building infrastructure and staff training, but we hope we can launch our services this year,” the representative said.
Bank CEO Kim Do-Jin said it took about three years to get a licence from the central bank.
Mr Kim said IBK would serve small and medium sized enterprises, local and Korean.
He said the official launch for offering services would take place after it had completed the infrastructure and training.
“With our own competence in working with small-and medium-sized enterprises, we plan to support not only Korean companies but also Cambodian ones,” he said.
Several foreign Banks are operating in Cambodia, including the Investment and Development of Vietnam, Industrial Bank of Korea, Kasikorn Bank Public Company, Mizuho Bank, MUFG Bank, Shanghai Commercial and Saving Bank, Standard Chartered Bank Phnom Penh, Sumitomo Mitsui Banking Corporation, and the Bank of Tokyo.