Phnom Penh Commercial Bank
Phnom Penh Commercial Bank is a public bank of Cambodia. The bank was founded on 1 September 2008 with US$15m in paid in capital. The head office of the bank is located at #217, Norodom Blvd, Sangkat Tonle Bassac, Khan Chomkarmon.
The bank was established as a joint venture of Hyundai Swiss Savings Bank of South Korea, and SBI Group of Japan. The SBI Group has invested $6 million for a 40% interest in the new Cambodian bank while Hyundai Swiss Savings Bank has invested $8.55 million for a 57% stake. The remaining 3% investment was held by another South Korean financial group. The Phnom Penh Commercial Bank is Cambodia's 23rd commercial bank, and was the first bank launched by a Japanese company in Cambodia.
In 2016, the bank was acquired by a consortium of South Korean and what is now OK Financial Group, each obtaining 60% and 40% of stakes respectively. As a result, the bank is currently owned by two subsidiaries of JB Financial Group – and JB Woori Capital – and one subsidiary of OK Financial Group – .
Background
The Phnom Penh Commercial Bank is one of a number of banks which have opened operations in Cambodia in the wake of several major changes in the domestic financial sector. In May 2007, Standard and Poor’s issued a historic first ever rating to a Cambodian bank. In 2008, the National Bank of Cambodia announced a change in the deposit requirements for all banks operating in Cambodia.With growth rates of over 10% for the last three years, investors from Asian countries like South Korea and Japan were increasing direct foreign investment in Cambodia.