Cambodian Public Bank Plc (Campu Bank) last week signed an agreement with China Construction Bank (Malaysia) Bhd (CCBM) to work together to develop their businesses in Cambodia, Malaysia and China.
According to a press release from Campu Bank’s parent company Public Bank Bhd, the signing ceremony was last Thursday at its headquarters in Kuala Lumpur, Malaysia.
“The signing of the MoU represents an extension of the successful business collaboration between Public Bank and China Construction Bank which started in 2016 for crossborder financing, financial advisory, remittance, client credit assessment, and referrals,” Public Bank said.
Public Bank Managing Director Tan Sri Tay Ah Lek expressed optimism about the new partnership, noting that Cambodia is undergoing rapid development, boasting a 7 percent GDP growth rate in recent years and attracting large investments from China.
The bank said the new agreement is the next step in a relation focusing mostly on financial advisory matters, remittances and client credit assessment.
Public Bank is the third-largest bank in Malaysia and has a presence in Cambodia, Vietnam, Laos, Sri Lanka, Hong Kong, and Mainland China.
Having established a strong presence in the Kingdom since 1992, the bank has been one of the leading foreign-owned financial institutions in the county. It has more than 30 branches and has played a significant role in the development of the local financial industry.
CCBM is a tier-one wholly-owned subsidiary of China Construction Bank Corp.