MB Bank Plc, a leading banking institution in Vietnam, and Cambodia Properties Limited (CPL) on Tuesday signed a partnership on property valuation and mutual marketing promotion.
CPL is an important player in the local property industry, providing a full-range of real estate services to developers, owners, occupiers and investors.
Under the agreement, CPL will lend its valuation services to MB, who will use the information to appraise client’s creditworthiness. The scope of the partnership also extends to marketing, with the companies agreeing to promote each other within their networks.
Cheng Kheng, CEO and chairman of CPL, said with the agreement CPL becomes MB’s sole provider of real estate appraisal services.
“We are committed to providing the best service possible to our partner, MB Cambodia, and to our customers,” Mr Kheng said.
“In Cambodia, we focus on property valuation. When MB Bank needs us, we will evaluate their customers’ properties before they give out loans. We are able to minimise risks for the bank because we clearly understand the market and the technology involved,” he said.
“We also want to encourage all property and real estate companies to become more transparent and build customer trust,” he said.
According to Mr Kheng, 90 percent of local banks use CPL for real estate appraisal services. “For some banks, we are the exclusive provider of valuations services,” he said.
With 150 employees across the country, CPL can now complete 3,000 valuations a month, Mr Kheng said. By next year, he hopes to do 6,000 valuations on a monthly basis.
Trinh Duc Cuong, CEO of MB Cambodia, said, “Our strengths complement each other. We can help each other in promoting property valuation services and the subsequent commercialisation of home, car and business loans to capture regional markets.”
“The signing agreement marks an important milestone strengthening ties between MB Cambodia and CPL.
“With a strong commitment from both companies, I am confident this agreement will inspire more collaborations in the future and will help both companies achieve greater heights,” he added.