Cambodia Mekong Bank Public Ltd is expanding, opening three branch offices in Phnom Penh, Siem Reap and Sihanoukville, bank officials said Tuesday.
Samreth Sawan, director of the bank’s administration and legislation department, said it’s the right time to expand because the world’s economy and Cambodia’s economy are improving enough that more people are now willing to put money in the bank. He also said the bank’s financial situation has improved.
“Our business is getting better every year,” he said.
Tal Nay Im, director general of the National Bank of Cambodia, said licenses will be provided to the Mekong branch offices when they open.
The new Phnom Penh branch at Hotel Inter-Continental is scheduled to open Friday. The Siem Reap office will open Jan 19 and the Sihanoukville branch is set to open Jan 28. The bank also is planning to issue Visa credit cards in June, which would make it the first in Cambodia to issue its own credit cards.
Mekong Bank is headed by tycoon Teng Bunma, who also owns the Hotel Inter-Continental and has major investments in manufacturing and agribusiness. He has also been accused by the US government of being a major drug smuggler, a charge he denies.