G Capital Bhd said it has received approval in principle from Cambodia’s central bank to set up a full-fledged commercial bank in the country with other partners.
The group said it has entered into a heads of agreement with two parties — Public Bank Bhd’s Indo-China operations regional head Datuk Phan Ying Tong and Cambodian firm E S Packaging Co Ltd — to jointly undertake the venture.
“Specifically, the HoA has been structured to outline the preliminary undertakings and obligations of the parties with a view to enter into legally binding definitive agreement between the parties to establish ‘Oriental Bank Plc’,” the group said in a filing with Bursa Malaysia.
In full: https://www.theedgemarkets.com/article/g-capital-and-partners-set-establish-new-bank-cambodia
