Type Private Area served Cambodia | Founded 2008 | |
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Website Phnom Penh Commercial Bank | ||
Phnom Penh Commercial Bank (PPCB) is a public bank of Cambodia. The bank was founded on 1 September 2008 with US$15m in paid in capital. The head office of the bank is located on Monivong Boulevard in Phnom Penh.
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The bank is a joint venture of Hyundai Swiss Savings Bank (now SBI 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.
Background
The Phnom Penh Commercial Bank is one of a number of banks which 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 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 (now SBI Savings Bank) and the SBI Group 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 machine 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.