Acleda sets aside $39M for branch expansion
Acleda sets aside $39M for branch expansion
Acleda Bank has reinvested $39 million of profits back into its operations instead of paying out dividends to shareholders, an announcement on its website states.
It is the 11th time Alceda has opted to increase registered capital, with the latest top-up taking the bank’s total capital to more than $225 million, according to the statement.
Acleda CEO In Channy is quoted in the statement as saying that the capital increase will fund the opening of an additional 21 branches by the end of the year.
So Phonnary, Acleda executive vice president and chief operating officer, said the decision to inject the profits, which equals more than 50 per cent of the firm’s $77 million recorded at the end of 2013, was agreed to by all major company shareholders.
Acleda also is aiming to increase its presence in Myanmar by building on its microfinance business there, Phonnary added.
“Acleda is applying to the representative office in Myanmar for a commercial banking licence. We expect to get the licence this year,” she said.
Acleda is 51 per cent owned by Cambodian interests. The remaining 49 per cent is owned by the World Bank’s International Finance Corporation, Dutch-owned banking firm Tridos, Hong Kong-based JSH Asia Holding Limited, COFIBRED – a subsidiary of France-based company BRED Banque Populaire, and Japanese financial conglomerate Orix.
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