Public Bank denies involvement in JV to set up new bank in Cambodia

Public Bank Bhd has denied any involvement in a joint venture (JV) with G Capital Bhd to set up a new full-fledged commercial bank in Cambodia.

In a statement today, Public Bank clarified that one of the parties involved in the venture, Datuk Phan Ying Tong, was acting in his own capacity as he has resigned from all of his positions in the bank.

Yesterday, G Capital announced it has entered into an heads of agreement with Phan and Cambodian firm E S Packaging Co Ltd to jointly undertake the venture to establish the new bank named Oriental Bank Plc.

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