Press release -
PhillipCapital Expands Its Presence in Cambodia
PhillipCapital (“the Group”) is pleased to announce that with its acquisition of HwangDBS Commercial Bank, the name of the bank has been changed to Phillip Bank. This acquisition further extends the Group’s already significant presence in Cambodia, and will allow it to tap into the synergies between the Bank and the Group’s existing microfinance operations in the country. This is in line with PhillipCapital’s objective of providing a wider range of financial products and services for its customers in Cambodia.
Founded in 2009, HwangDBS Commercial Bank (now renamed as Phillip Bank) became wholly owned by PhillipCapital on 14 March 2014, and currently has 4 branches in Phnom Penh, with plans to expand its network to other major cities in Cambodia. Over the past 5 months since the change in ownership, its 80 employees have diligently worked to re-position the Bank by putting customers first in all its products and services.
“We are delighted to have this new partnership with PhillipCapital. We look forward to benefit from their expertise in integrated financial products and services to expand our business in Cambodia. At the same time, Phillip Bank will tap into the Group’s international connectivity as well as its core competencies in distribution and information technology”,said Han Peng Kwang, General Manager of Phillip Bank.
“PhillipCapital looks forward to working closely with Phillip Bank to introduce more financial products and services to Cambodia. We also plan to creatively tap into potential synergies between the Bank and KREDIT Microfinance Institution, in which PhillipCapital has a significant shareholding together with its partner, World Relief. The overriding objective is to benefit our customers in the country. Importantly, we are positive about the economic prospects of Cambodia”, said Lim Hua Min, Executive Chairman, PhillipCapital.
Situated at the heart of South East Asia and Indochina, Cambodia has a population of 15 million, and GDP growth rate exceeding 7% in 2013. With continuing political stability, its young and dynamic population is driving its economy on a high growth trajectory. In the financial services area, Cambodia has a well regulated banking and microfinance industry.
Topics
- Finance
Categories
- cambodia
- bank
- insurance
- personal savings
About PhillipCapital
Established in 1975, PhillipCapital is a leading integrated Asian financial institution with network offices around the world, offering a comprehensive suite of innovative financial products and services to retail, institutional and corporate clients. Our comprehensive suite of financial services includes fund management, fixed income, unit trusts, insurance planning, investment research and broking in bonds, securities, futures, contracts for difference, foreign exchange, precious metals and commodities. Institutions can also benefit from our corporate finance and advisory services as well as information technology solutions.
Today, PhillipCapital operates in the financial hubs of 16 countries – Singapore, Cambodia, Malaysia, Indonesia, Thailand, Hong Kong, China, Japan, India, UAE, Sri Lanka, Turkey, United Kingdom, France, Australia and USA.
For more information, visit www.phillip.com.sg.
About Phillip Bank
Founded in 2009, Phillip Bank (previously known as HwangDBS Bank) is a commercial bank based in Phnom Penh, Cambodia, with branches located at Norodom Blvd, Mao Tse Tung Blvd, Kampuchea Krom and Stung Meanchey. The Bank is licensed to offer all domestic and international banking services to its customers, which include Small Medium Enterprises, Corporations, Professional firms and Individuals.
Over the past 5 months since the change in ownership, its 80 employees have diligently worked to re-position the Bank by putting customers first in all its products and services, while getting ready to introduce mobile banking and other technological innovations.
For more information, visit www.phillipbank.com.kh.
