Cambodia’s largest local bank opens another hi-tech branch
Cambodia’s largest local bank opens another hi-tech branch
The new outlet is at Arc De Triomphe De Koh Pich, South Wing, Ground Floor, Koh Pich Road, Tonle Bassac commune, Chamkar Mon district, Phnom Penh.
Customers now can visit to open a savings, current or fixed deposit account, withdraw and deposit money, as well as apply for their Consumer or SME loans with what management assured to be professional and friendly service.
The new Canadia Bank Koh Pich branch also deploys ATMs and cash deposit machines for customers to fulfill their self-service banking needs at anytime.
“We believe we can draw lots of synergy from this branch, leveraging on the good location of Koh Pich and customer base that we already have,” said Raymond Sia, Chief Executive Officer of Canadia Bank.
He told Khmer Times that this branch would be targeted for people living in Koh Pich and around the Tonle Bassac which includes both the local and foreign residents. There is a sizeable Chinese community in the area which the Bank intends to support for their banking needs. There are also many businesses operating in the vicinity which Canadia Bank can support, namely SME businesses which plays an important part in the economic development of Cambodia.
He added that the Bank have been selective and sparing in opening new branches as it would like to leverage more on technology and existing Branches to serve its customers. “This is actually our first branch opening for 2020 and for the past 2 years. We are careful and will not be aggressively expanding our Branch network but would leverage instead on technology to reach out to our customers,” Raymond said. “Thorough review is done before the Bank decides to open a new branch because, when you open a branch, the investment cost is high, and we need to be very mindful of the cost, especially during this particular period of time. We review all investments very thoroughly,” Raymond stressed.
Canadia Bank is the largest local bank in Cambodia by balance sheet size. In 2019, its total assets were $6.5 billion, Loans of $4bil and total deposits were $5.0 billion.
This year, there will be lots more initiatives in terms of investment in technology such as mobile banking and deployment of more ATMs/CRMs according to Raymond. “This year itself we will concentrate lots more on technology. This is the digital journey we are taking – an evolution and transformation in the right way to be relevant to the Cambodian market. We believe the Cambodia market is ready and receptive to digital initiatives and technology and we can say that this is the right time,” Raymond argued.
He added that the Bank has the financial strength and resources to invest and continue to invest in both “hardware and software”; “hardware” such as branch network, relevant technology platforms and “software” being the Bank’s human capital / resource.
Credited: Khmer Times
