On 02 Feb 2012, at Phnompenh Capital City of the Kingdom of Cambodia, Saigon Hanoi Commercial Joint Stock Bank (SHB) organizes Opening Ceremony of SHB Phnom Penh Branch. Attending the ceremony are H.E. Mr. Heng Samrin – President of National Assembly of Kingdom of Cambodia; H.E. Mrs. Men Som An – Standing Deputy Prime Minister of Kingdom of Cambodia; H.E. Mr. Chea Chanto – Governor of the National Bank of Cambodia; Mr. Ngô Anh Dũng – Ambassdor of Vietnam in Cambodia; Mr. Nguyễn Đồng Tiến – Deputy Governor of the State Bank of Vietnam; Mr. Nguyễn Huy Tưởng – Vice Chairman of People’s Committee of Hanoi City… and representatives of big Vietnamese corporations in Cambodia such as: Vietnam Rubber Group (VRG), Vietnam Coal and Mineral Group (Vinacomin), Vietnam National Petroleum Group (Petrolimex), Vietnam National Airlines (Vietnam Airlines)…and big Vietnamese and Cambodian corporations.
Ms. Men Sam On – Standing Deputy Prime Minister of Kingdom of Cambodia (second on the left) at the ribbon cutting ceremony to open SHB Phnom Penh Branch.
With total investment value of more than 37 million USD, SHB Phnompenh Cambodia Branch provides the retail banking operation and other finance and banking services.
SHB Phnom Penh Branch will offer full banking services such as: Taking deposit in local and foreign currency; providing loans in local and foreign currency; foreign exchange service; payment and cashier service; financial advisory service; money market service, providing credit line to its customers; taking trust, acting as agent in areas related to banking business…
Cambodia economy is known as one of the dynamic one which fertilizes in tourism industry, mining industry, oil and gas exploitation industry, raising industrial plants…Cambodia becomes the interesting investment destination for international investors. Besides, Cambodia exposures many strengths which make different from other countries. With healthy financial position and experiences in banking industry, the presence of SHB at Cambodia will make the important pull for attracting investors, making contribution to boost investment flow from enterprises of Vietnam and other countries in Cambodia. Moreover, strategic shareholders and SHB’s customers so-called as well is making strong investment in SHB including: Vietnam Coal and Mineral Group (Vinacomin), Vietnam Rubber Group (VRG) is making more than hundreds of million USD investment in Cambodia. Those groups are considered as the potential customers to ensure for the stability, efficiency of the operations of SHB Cambodia Branch in the first operation period. Modern IT system allows SHB Phnompenh to provide many excellent products and services.
Having speech at the opening ceremony of SHB Phnompenh Cambodia, Mr. SAMDECH HENG SAMRIN, President of Cambodia National Assembly welcomed SHB’s investment and confirmed it was the right investment decision in a peaceful situation, stability in politic and social security of Cambodia.
Speaking on the development of banking industry in Cambodia, Mr. CHEA CHANTO, Governor of National Bank of Cambodia said: Banking industry is playing an important role in developing national economy. Deposits from customers and number of customers depositing at commercial banks is gradually increasing. At the end of December 2011, total customers’ deposit reaches USD 5069 million and the number of customers depositing at commercial banks are 1,266,412. Total assets of the banking sector over GNP increases from 41.91% in 2007 to 62.68% in 2011. This number shows the dramatic increase in the use of official banking services.
Mr. Do Quang Hien, Chairman of Board of Directors said: “Selecting Cambodia among the others to open oversea branch is the first important step in the strategy of expanding SHB’s oversea investment. With experiences in banking industry and SHB’s potential healthy position, SHB Phnompenh Branch commits to bring enterprises and peoples of Cambodia the best banking products and services. Vietnam enterprises, especially SHB’s customers and strategic partners which have been invested in Cambodia already will be accompanied by SHB to provide loans and other banking services in the fast and efficient way”.
At the opening ceremony, on behalf of SHB, Mr. Do Quang Hien – Chairman of Board of Directors sponsored USD 50,000 for Cambodia’s National Liberation Front Fund Mr. H.E Heng Samrin, President of Cambodia National Assembly.
Mr. Do Quang Hien – Chairman of Board of Directors sponsored USD 50,000 for Cambodia’s National Liberation Front Fund to Mr. H.E Heng Samrin, President of Cambodia National Assembly.
Right after the opening ceremony, banking transactions in SHB Phnopenh Cambodia were actively made. Mr. Pham Xuan Son, Director of SHB Cambodia Branch said, after one week of operation, SHB Phnompenh mobilized USD 2.5 Mn, of which deposits from individual customers exceeds. SHB Phnompenh signed credit contracts with Dong Phu - Fratie Rubber Company, Tay Ninh – Siem Riep Rubber Company, Tan Bien – Kampongthim rubber joint stock company with the total loan value reaches USD 20 Mn. Many Vietnam enterprises and customers in Cambodia are in negotiation process to use banking services and products of SHB Phnompenh. A good opening promises the sustainable and efficient development of SHB’s first oversea branch.
Signing ceremony of the Comprehensive Cooperation Agreement between SHB and VRG in Cambodia