Phnom Penh Commercial Bank
Encyclopedia
Phnom Penh Commercial Bank (PPCB) is a public bank
of Cambodia
. The Bank was founded on the 1st of September, 2008 with US$15m in paid in capital
. The Head Office of the bank is located on Monivong Boulevard
in Phnom Penh
.
The bank is a joint venture
of Hyundai Swiss Savings Bank
of South Korea
, and SBI Group
of Japan
. The SBI Group has invested $6 million for a 40% interest in the new Cambodian bank while Hyundai Swiss Savings Bank has invested $8.55 million for a 57% stake. The remaining 3% investment is held by another South Korean financial group. The Phnom Penh Commercial Bank is Cambodia's 23rd commercial bank and the first bank launched by a Japanese company in Cambodia.
announced a change in the deposit requirements for all banks operating in Cambodia.
With growth rates of over 10% for the last three years, investors from Asian countries like Korea and Japan are increasing direct foreign investment in Cambodia. As a joint venture between two large Asian companies, the Hyundai Swiss Savings Bank
of Korea
, and the SBI Group
of Japan
the Phnom Penh Commercial Bank is part of this growing trend.
and various corporate banking services. PPCB also offers various services for business like trade financing services, including documentary credits, shipping and airway guarantees, inward bills for collection, trust receipts and bills receivable financing. Bank guarantees and standby letters of credit are also available.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
of Cambodia
Cambodia
Cambodia , officially known as the Kingdom of Cambodia, is a country located in the southern portion of the Indochina Peninsula in Southeast Asia...
. The Bank was founded on the 1st of September, 2008 with US$15m in paid in capital
Paid in capital
Paid in capital refers to capital contributed to a corporation by investors through purchase of stock from the corporation . It includes share capital Paid in capital (Paid-in capital or Contributed capital) refers to capital contributed to a corporation by investors through purchase of stock...
. The Head Office of the bank is located on Monivong Boulevard
Monivong Boulevard
Monivong Boulevard is a central boulevard and thoroughfare of Phnom Penh, the capital of Cambodia. Named after King Monivong of Cambodia, it crosses the city from north to south. Most streets in Phnom Penh have numbers rather than names and Monivong boulevard is also known as street 93...
in Phnom Penh
Phnom Penh
Phnom Penh is the capital and largest city of Cambodia. Located on the banks of the Mekong River, Phnom Penh has been the national capital since the French colonized Cambodia, and has grown to become the nation's center of economic and industrial activities, as well as the center of security,...
.
The bank is a joint venture
Joint venture
A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...
of Hyundai Swiss Savings Bank
Hyundai Group
Hyundai Group is a South Korean conglomerate founded by Chung Ju-yung. The first company in the group was founded in 1947 as a construction company. With government assistance, Chung and his family members rapidly expanded into various industries, eventually becoming South Korea's second biggest...
of South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
, and SBI Group
SBI Group
SBI Group is a financial services company group based in Japan. The groups's businesses and companies are held primarily at SBI Holdings, the group also operates a business school and children's charity foundation as well...
of Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
. The SBI Group has invested $6 million for a 40% interest in the new Cambodian bank while Hyundai Swiss Savings Bank has invested $8.55 million for a 57% stake. The remaining 3% investment is held by another South Korean financial group. The Phnom Penh Commercial Bank is Cambodia's 23rd commercial bank and the first bank launched by a Japanese company in Cambodia.
Background
The Phnom Penh Commercial Bank is one of a number of banks who have opened operations in Cambodia in the wake of several major changes in the domestic financial sector. In May 2007, Standard and Poor’s issued a historic first ever rating to a Cambodian bank. In 2008, the National Bank of CambodiaNational Bank of Cambodia
The National Bank of Cambodia, located in Phnom Penh, is the central bank of Cambodia. The bank's duties include, inter alia, the management of monetary and exchange policies, the regulation of banks and financial institutions, and the control of the national currency, the riel...
announced a change in the deposit requirements for all banks operating in Cambodia.
With growth rates of over 10% for the last three years, investors from Asian countries like Korea and Japan are increasing direct foreign investment in Cambodia. As a joint venture between two large Asian companies, the Hyundai Swiss Savings Bank
Hyundai Group
Hyundai Group is a South Korean conglomerate founded by Chung Ju-yung. The first company in the group was founded in 1947 as a construction company. With government assistance, Chung and his family members rapidly expanded into various industries, eventually becoming South Korea's second biggest...
of Korea
Korea
Korea ) is an East Asian geographic region that is currently divided into two separate sovereign states — North Korea and South Korea. Located on the Korean Peninsula, Korea is bordered by the People's Republic of China to the northwest, Russia to the northeast, and is separated from Japan to the...
, and the SBI Group
SBI Group
SBI Group is a financial services company group based in Japan. The groups's businesses and companies are held primarily at SBI Holdings, the group also operates a business school and children's charity foundation as well...
of Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
the Phnom Penh Commercial Bank is part of this growing trend.
Services
The bank offers several core personal banking services. It offers saving accounts, term deposits, corporate and personal loans, automated teller machineAutomated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
and various corporate banking services. PPCB also offers various services for business like trade financing services, including documentary credits, shipping and airway guarantees, inward bills for collection, trust receipts and bills receivable financing. Bank guarantees and standby letters of credit are also available.