Hong Kong firm opens bank for farmers in Cambodia

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cambodia-bankingA new bank aimed at helping Cambodian farmers obtain loans, backed by Hong Kong-based securities firm Chief Group, opened on December 8 in Phnomn Penh, the Cambodia Daily reported.

Called Chief (Cambodia) Specialised Bank PLC, the lender will at first focus on offering loans to the country’s rural farmers, but has plans to become a full-service commercial bank focusing on corporate loans and micro-finance.

“We have a unique business model, and we believe this is the first step,” he said, referring to its focus on Cambodian farmers. “The true Cambodia is not in Phnom Penh, it’s in the provinces. We will help the agricultural business grow,” said the new bank’s managing director Loke Wai Ming.

In May, Chief Group established Chief Cambodia Holdings Ltd., a subsidiary tasked with overseeing five investments: Chief (Cambodia) Specialised Bank PLC, Chief Agriculture Group (Cambodia) Ltd., Chief Resources Group (Cambodia) Ltd., Chief Cambodia Infrastructure Fund and Chief Real Estate Group (Cambodia) Ltd.

Chief’s entrance makes it the eighth specialized bank in the country, according to the National Bank of Cambodia.

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Reading Time: 1 minute

A new bank aimed at helping Cambodian farmers obtain loans, backed by Hong Kong-based securities firm Chief Group, opened on December 8 in Phnomn Penh, the Cambodia Daily reported.

Reading Time: 1 minute

cambodia-bankingA new bank aimed at helping Cambodian farmers obtain loans, backed by Hong Kong-based securities firm Chief Group, opened on December 8 in Phnomn Penh, the Cambodia Daily reported.

Called Chief (Cambodia) Specialised Bank PLC, the lender will at first focus on offering loans to the country’s rural farmers, but has plans to become a full-service commercial bank focusing on corporate loans and micro-finance.

“We have a unique business model, and we believe this is the first step,” he said, referring to its focus on Cambodian farmers. “The true Cambodia is not in Phnom Penh, it’s in the provinces. We will help the agricultural business grow,” said the new bank’s managing director Loke Wai Ming.

In May, Chief Group established Chief Cambodia Holdings Ltd., a subsidiary tasked with overseeing five investments: Chief (Cambodia) Specialised Bank PLC, Chief Agriculture Group (Cambodia) Ltd., Chief Resources Group (Cambodia) Ltd., Chief Cambodia Infrastructure Fund and Chief Real Estate Group (Cambodia) Ltd.

Chief’s entrance makes it the eighth specialized bank in the country, according to the National Bank of Cambodia.

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