A second Chinese bank – Industrial and Commercial Bank of China, has been granted in-principle approval to operate in Cambodia.
ICBC now has six months to meet NBC requirements on registered capital, statutes and potential location. The bank’s loans target mainly the energy sector and construction of hydro-power projects. Currently, many Chinese firms are investing in these sectors.
ICBC has branches in Singapore, Thailand, Vietnam, Indonesia and Malaysia.
When the three new banks (Bank of China, ICBC & CIMB) come online, the number of commercial banks in Cambodia will rise to 31.
Many foreign banks with international standards are investing in Cambodia, reflecting a confidence in political stability and economic potential of investment opportunities. More banks will bring more capital for the development of the economy, bring more technology for the industry, and create more jobs.