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French bank set to enter Kingdom


geovalin

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French bank BRED Banque Populaire – part of the second-largest banking group in France – will start commercial operations in Cambodia later this year, marking the first foray for a European bank in the Kingdom since the late 1990s, sources in the banking sector said yesterday. In Channy, CEO of Acleda Bank, confirmed that BRED, part of France’s Groupe BPCE, had applied for a commercial banking licence. He said that while the two banks would partner together, given their existing relationship, they would operate independently.

BRED currently owns a 12.25 per cent stake in Acleda through its subsidiary COFIBRED. Channy added that while his bank will continue its focus on retail banking, it would pass on big corporate clients to BRED, which, he said, would be able to provide heavy loans to large corporations and enterprises.

read more: http://www.phnompenhpost.com/business/french-bank-set-enter-kingdom

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