G Capital, in partnership with Public Bank Bhd’s Indo-China operations regional head Datuk Phan Ying Tong and Cambodian firm E S Packaging Co Ltd, is to form a commercial bank in Cambodia called Oriental Bank.
Oriental Commercial Bank
G Capital Bhd announced it has received approval in principle from Cambodia’s central bank to set up a full-fledged commercial bank in the Kingdom. According to reports online, the name of the new venture is Oriental Bank Plc. The next step is to register with the Cambodian Ministry of Commerce.
G Capital said “it will hold not less than 20% of the issued shares of the new company, while Phan will have a 51% stake and E S Packaging a 20% stake. The balance 9% interest will be held by an additional investor to be identified by Phan or E S Packaging.”
Who are G Capital?
G Capital (formerly Gunung Capital Berhad) says it is a public company listed on the Main Board of KLSE (Kuala Lumpur Stock Exchange) with stakes in more than 20 companies in Malaysia.
The company said “G Capital envisages that in the long term, its equity participation in the banking sector will significantly strengthen its financial standing and broaden its presence throughout the region.”
Banks in Cambodia
Earlier in 2020, Japanese financial firm SBI Holdings Inc. partnered with Ly Hour Microfinance Institution Public Co. to create SBI Ly Hour Bank Plc, after it received its commercial banking license from the National Bank of Cambodia (NBC).
An NBC 2019 Report revealed that there are 46 Commercial Banks, 15 Specialised Banks, 7 Microfinance Deposit-Taking Institutions, 75 Microfinance Institutions and other financial institutions offering financial services in the kingdom of Cambodia.
Read more about Banking & Finance in Cambodia in our guide.