Phnom Penh, Cambodia (PRWEB) August 28, 2014
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.