RHB Banking Group, Malaysia’s fifth-largest bank, appointed a new Chief Executive Officer to lead its business in Cambodia’s crowded financial sector.
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Thoo Kim Seng, 52, will be responsible for the group’s business and operations in Cambodia, succeeding Lim Loong Seng, who will be returning to Malaysia to take up a senior position.
RHB Banking Group announced another senior appointment. Danny Quah Boon Leng will be appointed as country head and CEO for RHB Bank Singapore.
“The appointment of Danny and Thoo will bolster our strengths and capabilities in Singapore and the Indochina region respectively,” said Dato’ Khairussaleh Ramli, group managing director at RHB Banking Group.
“Danny’s extensive regional leadership experience combined with his deep understanding of the Singapore and Asean markets will be an asset in driving the group’s business growth in Singapore and collaboration across the region.”
Mr Thoo has served in various capacities within RHB Banking Group over the last 14 years. He was the deputy country head of RHB Indochina Bank in Cambodia from April 2015 to Feb 2017, before returning to Malaysia in March 2017 to take up the position of regional director of Group Retail Distribution in Klang Valley West. Mr Thoo has a masters in Marketing from Dublin Metropolitan University.
RHB Indochina Bank Limited, a wholly-owned subsidiary of RHB Bank Berhad, was established in Cambodia in July 2008, is duly registered with the Ministry of Commerce and was granted a banking license by the National Bank of Cambodia in Oct 2008. The bank now has eight branches in Phnom Penh and four in the provinces.
Cambodia now has 43 commercial banks, 14 specialised banks, seven microfinance deposit-taking institutions, 73 microfinance institutions and 273 rural credit institutions.
Total assets in the local banking and finance sector increased by 19.4 percent in 2018, reaching $40 billion.
Deposits in commercial banks and MDIs rose by 15.3 percent, reaching more than $22.1 billion, while loan portfolios increased by 18.8 percent, amounting to nearly $24.5 billion, according to the annual report of the National Bank of Cambodia.