KB PRASAC Bank opens in Cambodia
Yang Jong-hee, second from right, chairman of KB Financial Group, poses with dignitaries during an opening ceremony of KB PRASAC Bank, at a hotel in Phnom Penh, Cambodia, Friday. They are, from left, Kim Hyun-jong, executive vice president of KB PRASAC Bank, Oum Sam Oeun, president and CEO of KB PRASAC Bank, Chea Serey, governor of the National Bank of Cambodia, Yang, and Lee Jae-keun, CEO of KB Kookmin Bank. Courtesy of KB Kookmin Bank
KB Kookmin Bank held a grand opening ceremony for KB PRASAC Bank in Phnom Penh, the capital of Cambodia, Friday, the bank said Sunday.
The bank said that approximately 700 individuals attended the event, which took place on Friday. Key figures in attendance included the Governor of the National Bank of Cambodia Chea Serey, the Ambassador of Cambodia to Korea Chring Botum Rangsay and KB Financial Group Chairman Yang Jong-hee. Representatives from Korean companies expanding into Cambodia, as well as employees from KB PRASAC Bank, were also present.
"We are committed to delivering the finest experiences to our customers and fostering mutual growth through promoting balanced development across local regions in Cambodia, alongside embracing coexistence and shared prosperity," Yang said.
"With a customer-centric approach, we aspire to evolve into the lifelong financial partner of the Cambodian populace, tailoring optimal financial services to their life stages," Yang added.
In 2009, KB took its first step into the Cambodian market by establishing Kookmin Bank Cambodia. Subsequently, it successfully acquired a 100 percent stake in Prasac Microfinance Institution, which specializes in small loan operations. Last August, KB obtained approvals from Cambodian authorities to merge Kookmin Bank Cambodia and Prasac Microfinance Institution, leading to the launch of KB PRASAC Bank.
With the aim of becoming the top commercial bank in Cambodia, the bank intends to introduce products tailored to the specific needs of customers in each region. These offerings will include small-scale loans for farmers, support loans for small businesses and housing loans for the middle class.
The bank also plans to bridge the gap between its current operation base in rural areas and its new target in urban areas through financial means.
"KB PRASAC Bank ranks as the fourth-largest commercial bank in Cambodia in terms of scale. With 190 operational branches and a workforce exceeding 5,000, we are dedicated to expanding our business base and strengthening our foundation," a KB Kookmin Bank official said.