Malaysian bank eyes the affluent
A new Malaysian player in Cambodia’s expanding banking sector aims to capture the “emerging affluent” with its mobile and online services.
Malaysian-based Hong Leong Bank will begin operating in Phnom Penh today, with a branch on Street 214. Joe Farrugia, CEO of Hong Leong Bank Cambodia, said yesterday the company will establish internet and mobile service platforms in early 2014 that cater to the expanding middle class.
“Long term [it is the] Gen Y segment that I am targeting on the retail side” he said, adding that in terms of business clients, Hong Leong will seek out small to medium enterprises, and intends to roll out branches in Cambodia’s provinces.
The National Bank of Cambodia (NBC) said that Hong Leong will be the 34th commercial bank in Cambodia. NBC director general Nguon Sokha said the number doesn’t translate to oversaturation, because most banks operating here, when compared with regional institutions, don’t manage large amounts of assets.