The National Bank of Cambodia (NBC) gave in-principle approval to the Bank of China (BOC) to operate its first branch in Phnom Penh. The Bank of China would come to facilitate trade and investment between Cambodia and China.
This year, NBC approved three foreign banks to operate in Cambodia, including the Bank of Agriculture and Rural Development of Vietnam (Agrbank), the CIMB Group and Malaysia and the Bank of China.
Thai Saphear, head of the NBC governor’s office, was quoted by the Phnom Penh Post as saying that a courtesy call from China’s new ambassador to Cambodia, Pan Guangxue, resulted in NBC Governor Chea Chanto giving the green light for the BOC to establish itself in Cambodia as early as the end of this year.
He added that “it’s a positive sign for the bank because they have the green light from the NBC already.” “It’s up to the bank if it wants to open its branch soon or not, but if they want to open soon, it could be done this year.” said he.
Following the in-principle approval, the bank has six months to prepare the required documentation to obtain the full operating licence, he said.
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