The Krung Thai Bank is ready to officially reopen now that it has reached the $13 million capital investment minimum required by Cambodia’s banking law, officials said Wednesday.
Krung Thai Bank on Jawaharal Nehru Street will operate with the same license that it registered under in 1993, said Tal Nai Im, National Bank director general.
Krung Thai Bank officer Nakrob Settsakdi said now that the bank has reached the minimum capital requirement it will continue to build trust and invest in Cambodia, while also expecting to turn a profit here.
The Krung Thai Ban was closed along with 10 other commercial banks in December 2000 after the National Assembly passed a law requiring a higher minimum capital deposit at the National Bank. The previous minimum had been $5 million.
The Thai management of the Krung Thai Bank praised the Cambodian government in Thai newspapers, saying that such steps to improve efficiency in the banking sector would contribute tremendously to the country’s economic growth.
The National Bank of Cambodia gave the commercial banks until the end of this year to reach the minimum requirement or face liquidation, said Tal Nai Im. The other 10 banks, including the Agriculture and Commercial Bank, whose closing brought fierce opposition from its depositors, have yet to reopen.