Despite the global financial crisis, Vattanac Bank extended its operation by opening the third branch on Monday near Olymic stadium in Phnom Penh. The bank received its banking license from the National Bank of Cambodia on June 07, 2002 and commenced operations on November 08, 2002.
Vattanak bank which operated since 2002 with a $13 million investment has two branches- one in Phnom Penh in 2002 and other in Siem Reap province in 2005. The bank had the total assets of $190 million at the end of 2008, with total lending of $103.89 million.
The Bank provides the full range of retail and commercial banking services including, deposits, loans, trade services, trade financing, remittances and foreign exchange. Its client portfolio is diversified and includes individuals, businesses, NGOs, large local corporations, multinationals and embassies.
According to a National Bank of Cambodia annual report released in 2008, the Vattanac bank ranked 8th in terms of assets of Cambodian banks.
Chan Kok Choy, general manager of Vattanac bank, said that the economic slowdown, which caused a 25 to 30 percent plunge in property values, has not given the bank any-performing loans, reported the Cambodia Daily.
He added that his bank has focused on, as its niche, loans for apartment buildings in places like Boeng Keng Kang I commune and small to medium enterprises, hotels and other businesses.
The Bank’s headquarter with a 38-story skyscraper is building on Monivong Monivong Boulevard near Acleda Band’s headquarters and the 30-story Canadia Bank building.
Beside the investment in Bank, the bank’s owner, Sam Ang, also have stakes in real estate companies, an industrial park, and Cambodia Brewery Limited – Anchor beer and Tiger beer.
The International Monetary Fund (IMF) criticized the bank of Cambodia for its weak supervision by the National Bank of Cambodia in the increase in the vulnerability of banks and more controls are needed to help banks manage rising amounts of risk.
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