National Bank unfazed after EU hits key growth market Cambodia with sanctions over human rights

Europe's decision comes after National increased its exposure to the fast-growing Cambodian economy.

National Bank of Canada says its prospects for Cambodia, a key international growth market, remain solid, even after the European Union decided it will slap trade sanctions on the Southeast Asian country because of its human-rights record.

Montreal-based National owns Cambodia’s Advanced Bank of Asia Ltd., or ABA, which has more than 75 branches, 350 ATMs and hundreds of thousands of customers in the country of 16 million.

The European Commission on Wednesday said that “due to serious and systematic violations of human rights,” it had decided to withdraw some of the duty-free access that Cambodian exports are granted to the bloc through the EU’s Everything But Arms (EBA) regime.

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