Taiwan Co-operative Bank opened its first branch in Phnom
Penh yesterday. It is second Taiwanese bank to enter the Kingdom’s market since
the opening of the Mega International Commercial Bank in September, 2011.
The growing presence of
Taiwanese banks in Cambodia reflects the surge of Taiwanese entrepreneurs into
the country — especially in the garment industry.
According to the bank’s press
release, it received its business licence from the National Bank of Cambodia
(NBC) on March 6 this year.
“The Phnom Penh branch of the Taiwan
Co-operative Bank is the beginning of . . . its expansion onto the Indochina
peninsula,” chairman Ling-long Shen said.
“This branch is its second stronghold
within ASEAN, as it already has a Manila branch in the Philippines.”
NBC deputy governor Ouk Maly said the
opening of a branch in Cambodia emph-asised private-sector confidence in the
local banking and finance industry.
It would bring new technology to
Cambodia and create jobs, she said.
Shen said the bank would bring
experience in the Taiwanese rice sector to the Kingdom and support Taiwanese
businesses in joint ventures.
Source: http://www.phnompenhpost.com/2013032964773/Business/taiwanese-bank-enters-local-sector.html