Hong Leong Bank Cambodia gets banking licence

Published: Friday July 5, 2013 MYT 12:00:00 AM
Updated: Friday July 5, 2013 MYT 6:49:54 AM
Hong Leong Bank Cambodia gets banking licence

By DANIEL KHOO
danielkhoo@thestar.com.my

PETALING JAYA: Hong Leong Bank Bhd’s (HLB) subsidiary Hong Leong Bank (Cambodia) PLC (HLBC) has clinched a banking licence for its operations in the country from the National Bank of Cambodia (NBC).

HLBC, a commercial bank with a capital of RM119.25mil, would begin operations on July 8, the bank said in a statement to the stock exchange.

This follows an earlier announcement in March that it had received a certificate of incorporation from the Cambodian Ministry of Commerce incorporating HLBC on Feb 18, 2013.

“With the establishment of a bank in Cambodia, HLB would contribute to the banking sector as well as the broader economy of Cambodia,” it said.

HLB’s Cambodian entry will be its second country expansion via a wholly owned subsidiary that possesses a full-fledged commercial banking licence out of its home base in Malaysia.

The bank first ventured into Vietnam at the end of 2008 through another subsidiary and now has four branches in that country.

It also owns a minority stake in the Bank of Chengdu Co. Ltd, a China-based bank.

Other than that, HLB also operates wealth management and global markets services in Singapore and Hong Kong.

HLB joins other Malaysian banks such as Malayan Banking Bhd, CIMB Group Holdings Bhd and Public Bank Bhd operating in Cambodia.