Canadia Bank PLC and Cambodia’s postal service are expected to open a commercial bank next month with financial backing from one of Singapore’s largest financial institutions, officials and sources with knowledge of the venture said Thursday.
The bank, known as Cambodia Post Bank PLC, will provide full commercial banking services to customers when it opens in September.
Ork Bora, a technical adviser on the project, said Cambodia Post will own a 5 percent stake in the bank, while Canadia will have 95 percent. The goal of the bank, Mr. Bora said, is to offer banking services within the postal service’s offices around the country.
“But we will first start in the capital, Phnom Penh,” he said, adding that Cambodia Post plans to increase its current share after the bank opens.
“In the future, we will put more capital investment in the [bank] in accordance with the agreement.”
Nguon Sokha, director-general of the National Bank of Cambodia, said she was aware of the new bank, but did not know any specific details on its operations.
Sources with knowledge of the venture said a partner in Cambodia Post Bank is one of the largest banks in Singapore and that a deal was in the making with the bank for it to eventually take over some shares in the new bank.
Singapore’s largest banks include the Oversea-Chinese Banking Corp. and the United Overseas Bank.
Cambodia Post Bank’s headquarters will be in an old Canadia Bank building that sits adjacent to the Canadia Tower on Russian Boulevard.
Outside the building Thursday morning, red cloth covered the bank’s signage. Only the bank’s name in a pale blue was visible on the building’s entrance, and its logo, two nearly connecting diamonds, was seen above the ATM.
Inside, about a dozen workers with Canadia Bank identification cards around their necks maneuvered around construction equipment and debris spread across the lobby.
The employees declined to comment, but said an opening ceremony is scheduled in September.
Cambodia Post Bank on Thursday also began advertising jobs on a local recruiting website.