CAMBODIAN Public Bank Plc (Campu Bank) signed a memorandum of understanding (MOU) with China Construction Bank (Malaysia) Berhad (CCBM) to establish a collaboration to jointly promote and develop business opportunities between both banks for their customers in the Kingdom of Cambodia, Malaysia, and the People’s Republic of China.
The MOU signing ceremony last week at Menara Public Bank was attended by Public Bank managing director Tan Sri Tay Ah Lek, Public Bank deputy chief executive officer Datuk Chang Kat Kiam, Public Bank regional head of Indo-China Datuk Phan Ying Tong, China Construction Bank Corporation executive vice president JiZhi Hong and senior management staff of both banks.
The signing of the MOU represents an extension of the successful business collaboration between Public Bank and China Construction Bank which commenced since 2016 for cross border financing, financial advisory, remittance, client credit assessment and referrals.
Tay said, “The signing of this MOU is timely as Cambodia is experiencing rapid growth with consistent GDP of seven per cent for the past five years coupled with strong influx of investors from People’s Republic of China.
“Public Bank and China Construction Bank will be able to leverage on each other’s strength to propel our business to greater heights.”
CCBM is a tier 1 wholly-owned subsidiary of China Construction Bank Corporation which is the world second largest bank in terms of total assets. The signing of the MOU is also in conjunction with the opening of China Construction Bank Corporation Labuan Branch, a tier 1 branch of CCB which is established with the aspiration of becoming a regional Asean bank in facilitating close bilateral relationships between Asean countries and China.
Ji added, “We have established close co-operation with Public Bank since the beginning of our entry in Malaysian market in 2016. Today, we will further strengthen our co-operation with the signing of MOU between Campu Bank and CCBM.”
Campu Bank is a wholly-owned subsidiary of Public Bank which is the third largest bank in Malaysia with overseas operations in the Kingdom of Cambodia, Vietnam, Laos, Sri Lanka, Hong Kong and Mainland China.
Campu Bank with a strong presence in the Kingdom of Cambodia since 1992 has grown into one of the leading foreign-owned banks with 31 branches and has contributed significantly to the development of the financial industry in the Kingdom of Cambodia.