The Financial System in Cambodia John Brinsden, Vice-chairman, ACLEDA Bank Plc British Chamber of Commerce lunch Bangkok, 1 st March, 2007 ACLEDA BANK Plc Phnom Penh, Cambodia
Structure of the financial system National Bank of Cambodia (‘NBC’) 14 Commercial Banks 5 ‘Specialized Banks’ 16 licensed Microfinance Institutions Ministry of Economy and Finance Insurance Companies ACLEDA BANK Plc Phnom Penh, Cambodia
Size of the banking system (As at 31 st December, 2006) Total Assets – USD1,962.8 million Total Loans – USD894.2 million Total Deposits – USD1,312.7 million Number of branches (Commercial Banks) ACLEDA BANK Plc Phnom Penh, Cambodia
ACLEDA BANK Plc Phnom Penh, Cambodia Distribution of Credit (As at 31 st December, 2006) Agriculture4.3%Import4.1% Manufacturing11.8%Finance0.7% Construction7.8%Real Estate and Public Utilities 8.6% Wholesale and Retail 22.6%Services33.0% Export0.8%Others6.4%
ACLEDA BANK Plc Phnom Penh, Cambodia F/X and currency controls US$ is the major currency (70%+) Full convertibility of the Riel/Stability of the local currency Multi-currency environment (THB, EUR, etc.) No restrictions on remittances or repatriation of funds
ACLEDA BANK Plc Phnom Penh, Cambodia Future Developments (1) (1 – 5 years?) Electronic banking (credit cards, EFTPOS, phone banking, internet banking) Leasing Project Finance Life Insurance
ACLEDA BANK Plc Phnom Penh, Cambodia Future Developments (2) (1 – 5 years?) Asset management/pension funds More international banks Stock exchange/capital markets
ACLEDA BANK Plc Phnom Penh, Cambodia …..but progress is dependent on: Effective promulgation of laws: –Law on Secured Transactions –Leasing Law –Mortgage Law –Trust Law –Stock Exchange Law …….etc, etc
ACLEDA BANK Plc Phnom Penh, Cambodia Thank you! Any questions?