Trust at Chief Bank, where ethical banking builds success
Trust at Chief Bank, where ethical banking builds success
Confidence is crucial in guaranteeing successful commercial banking operations and development, and with trust at the core of its operations, Chief Bank Cambodia CEO Dr Soeung Morarith believes his financial institution is well placed for further growth.
“There are some challenges, due to the recent negative economic effects of the Covid- 19 pandemic, geopolitical tensions and the war between Russia and Ukraine, as well as high inflation and rising interest rates globally.
“However, as we have the right team, the right formula, innovative approaches and financial strength, we are confident of successfully overcoming these, and becoming stronger and more stable.
“Additionally, we are well aware that the Cambodian government has adopted an expansionary policy to mitigate the negative effects of these global issues on the Kingdom’s economy,” Dr Morarith said.
Chief Bank Cambodia has seen strong growth in the Kingdom since beginning operations – with initial capital of just $10 million and around 20 employees – in December 2013, with total assets at more than $222 million as of the beginning of March 2, 2023 and total staff of more than 160.
And Dr Morarith said the bank considers its clients to be long-term partners as the financial institution continues to flourish.
“Our corporate philosophy – ‘The Chief Way’ – builds mutual trust and partnerships with our customers, which is key to shared prosperity, while our business is conducted sincerely and with the highest professional ethics.
“Chief Bank utilises a business model that is localised, customised and best suited to the real needs of our clients in Cambodia.
“We have been actively working to further refine our existing products, and introducing new products and services to meet our clients’ growing needs,” he said.
Originally established in Hong Kong in 1979, Chief Group has weathered many storms, including the 1997 Asian and 2007-8 global financial crises, and gone from strength to strength by adhering to its core beliefs of ethical practices and prudent investment.
“We have stayed the course by sticking to our vision, mission, goals and philosophy, and by serving our customers better than ever to yield excellent results.
“Our successes are attributed to a strong team spirit with clear vision and policies,” Dr Morarith stressed.
Chief Bank began operations in Cambodia in December 2013 with initial capital of just $10 million, while total assets are now at more than $222 million, according to Dr Morarith.
And despite predictions of a turbulent year ahead for the financial sector, he remains confident of further steady growth.
“Through the concerted efforts of all staff and management, and with the strong support of our loyal customers and relevant regulators, especially the National Bank of Cambodia, we believe the bank is well positioned to continue performing well in 2023 and the years ahead,” Dr Morarith said.
Chief Bank’s adherence to the highest standards in banking can be seen in its strict policy on risk management.
“Regardless of how good the collateral or how viable a credit proposal appears, we place integrity and long-term business strategies ahead of gains, and strictly adhere to corporate social responsibility.
“We have optimised our capital base, and prudently managed, operated and increased our investments.
“We continue to place our focus on risk control and risk management to ensure Chief Bank remains strong and stable in this growing industry,” Dr Morarith said.
He said the key to the bank’s continued success in the Kingdom is its commitment to people and ethical investment, coupled with Chief Group’s successful model and decades of experience in the major global financial hub of Hong Kong.
“With our shareholders’ backgrounds in Hong Kong as comprehensive financial service providers for more than 43 years, Chief Bank inherits the fine tradition of doing business by embracing a customer-focused philosophy, with the relentless pursuit of service excellence.
“We are committed to being a good companion with our valued customers on their journey towards goal achievement and wealth accumulation.
“Chief Bank is working for a better future for people in Cambodia – our valued customers, our employees and the Kingdom’s banking industry, and society at large. Their success is our success,” he said.
Chief Bank has five branches, all in prime positions in Phnom Penh – the Boeung Kak, Chbar Ampov, Olympic and Norodom Boulevard branches alongside the new location at Aeon Mall Mean Chey.
All branches are strategically located to better serve the bank’s target customers – such as the owners of micro, small and medium-sized enterprises (MSMEs), consumers and corporate entities – with its innovative approaches.
One new flagship development is the pioneering digital micro-lending app “Chief Easy”. Customers can apply for a loan of up to $5,000 anywhere and at any time without collateral via their mobile phones, receiving a quick response within 24 hours on working days.
The Chief Bank Aeon Mall Mean Chey Branch, its fifth and newest office, is spearheaded by highly experienced branch manager Chroeung Vannoeun, who has more than 20 years’ experience.
The branch is well situated in Unit F033 at Aeon Mall Mean Chey, which is located on Hun Sen Boulevard in Phnom Penh’s Sangkat Chak Angrae Krom in Khan Meanchey.
“Strategically located in Phnom Penh’s bustling new commercial area, the Chief Bank Aeon Mall Mean Chey Branch will provide increased accessibility for a greater number of customers and offer exemplary service.
“The new branch will push forward the bank’s portfolio and greatly increase the possibility of establishing new loyal, regular customers, in addition to attending to our existing clientele base, while enhancing brand awareness and extending Chief Bank’s strengths,” Vannoeun said.
