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ABA Bank’s assets hit a record $4bln

Chhut Bunthoeun / Khmer Times Share:
Cambodia’s third-largest commercial bank is thriving. KT/Pann Rachana

Total assets for ABA Bank, Cambodia’s third largest commercial bank, reached $4.4bln in 2019, a 60 percent hike on the previous year. Additionally, the financial institution’s deposit portfolio increased by 55 percent to $3.4 billion and their loan portfolio reached $2.8bln, representing a 50 percent hike.

The figures were revealed when the bank, a subsidiary of the National Bank of Canada, was crowned “Best Bank in Cambodia 2020” by Global Finance, a leading magazine published in the United States, earlier this week.

The top-level award was given to the commercial bank in recognition of its careful attention to customers’ needs, innovation in products and services, new business development and the credible opinions of its equity and credit-rating analysts.

“All selections were made by the editors of Global Finance after extensive consultations with corporate financial executives throughout the world,” a statement released by the magazine’s publishers read.

It added that the bank’s strategy success has been confirmed by its steady growth in all financial indicators, such as total assets,  deposits and loans.

CEO of ABA Bank Askhat Azhikhanov said that the award is a reflection of the financial institution’s leadership in the banking industry here in the Kingdom, while pledging further investments.

“It is a great pleasure to realise that our efforts were recognised by the judging panel of Global Finance magazine, and we readily dedicate this award to our valued customers for their confidence and full support of our initiatives,” Azhikhanov added.

He noted the bank keeps investing expertise in its extensive financial ecosystem, allowing customers to enjoy easy access to their funds through the bank’s branch network, advanced self-banking facilities and online banking platforms.

In addition, ABA Bank listed corporate bonds on the Cambodia Securities Exchange last August, aiming to raise 84.821 billion riel (around $21 million) in the Kingdom’s capital market, in a move to help expand its business operation in the country.

National Bank of Canada reported in October that it had signed a deal to pay $83.5 million to buy the remaining 10 percent stake in the Cambodia-based ABA Bank, following their purchase in 2016 of 90 percent of the financial institution’s shares. The bank currently has 75 branches nationwide.

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