Singapore Invests in New Cambodian Bank

An investment company owned by the Singaporean government is a minority partner in a fully licensed commercial bank set to open later this month in cooperation with Canadia Bank PLC and the country’s postal service, a source familiar with the deal confirmed Tuesday.

Fullerton Financial Holdings, a subsidiary of Temasek Holdings, which is owned by the government of Singapore and whose CEO is the wife of the country’s prime minister, has a 45 percent stake in Cambodia Post Bank, the source said.

Temasek owns a $173 billion portfolio, with investments mainly in Asia covering everything from financial services and telecommunications to real estate and energy, according to the firm’s website.

Canadia Bank will have a 50 percent stake in the bank, while Cambodia Post Bank will own the remaining 5 percent.

When it opens September 26, Cambodia Post Bank will offer full banking services to customers. The goal of the bank is to offer the services in post offices across the country, starting with Phnom Penh.

Last month, some details about the bank were released, but an online job advertisement listed Tuesday for Cambodia Post Bank elaborated for the first time on the venture.

“Cambodia Post Bank Plc. (CP Bank) is a full licensing commercial bank, offering financial solutions to aspiring individuals and enterprises in Cambodia. CP Bank is a strategic partnership between Canadia Investment Holding Plc., Cambodia’s Ministry of Post and Telecommunications and Fullerton Financial Holdings Pte. Ltd.,” the advertisement says.

Cambodia Post Bank CEO Chao Chek declined to comment on the advertisement.

“I would like not to answer this question. Let’s wait until we launch the bank,” he said.

Ork Bora, technical adviser to Cambodia Post Bank, said the bank was initially scheduled to launch today, but was delayed.

“They have delayed the launching to September 26. They may not be ready yet with the bank’s organization,” he said, referring further comment to Mr. Chek.

Mr. Chek said the bank launch was delayed due to administrative issues and building renovation.

“We are not ready to launch. We have to wait a while. Perhaps we will launch later this month,” he said.

Cambodia Post Bank’s headquarters on Russian Boulevard, which was once home to a branch of Canadia Bank, sits a block from the Canadia Bank tower at the corner of Monivong Boulevard.

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