Phnom Penh – KB PRASAC Bank Plc., a new commercial bank formed through the culmination of a strategic merger between Kookmin Bank Cambodia and PRASAC Microfinance Institution, was officially launched on 23^rd February 2024, and graced by Lok Chumteav Dr. Chea Serey, Governor of the National Bank of Cambodia, a testimony of the pledge of the bank to be the trusted lifetime financial partner for all customers.

In her excellency’s speech, Lok Chumteav Dr. Chea Serey, Governor of the National Bank of Cambodia, congratulated the success of the merger of both financial institutions to be a new and big commercial bank by highlighting the importance of the merger of business which will strengthen the institution’s stability and resilience by increasing assets and deposits, enabling access to more convenient and diverse financial sources, reducing expenses, expanding the market, and diversifying products and services for customers, particularly SMEs, thus further improving Cambodia’s financial inclusion.

Lok Chumteav Dr. Chea Serey would also like to encourage KB PRASAC Bank Plc. to 1). Continue to contribute to the support and development of the communities, as well as continue to promote financial inclusion, in particular, the innovation of financial services for SMEs. 2). Continue to pay attention to customer protection and transparency in the provision of financial services, as well as the promotion of financial literacy in society 3). Provide loans to customers with affordable rates, and 4). Promote access to women’s financing and green loans in line with customer needs.

In his address, Mr. Yang Jong Hee, Chairman & CEO of KB Financial Group Inc., emphasized the importance of the relationship between Republic of Korea and Kingdom of Cambodia that have strengthened their foundation of ‘Economic Partnership’ with the implementation of the Free Trade Agreement (FTA) in 2022, the increase of the investment, creating job opportunities for Cambodian youths, and human resources development through the acceptance of Cambodian students to work and study in Korea.”

“In line with the Group’s market expansion strategy and seeing the potential of Cambodia’s rapid economic growth, KB Financial Group has penetrated Cambodian market by establishing Kookmin Bank Cambodia in 2009 and KB Daehan Specialized Bank Plc. (KDSB) in 2018; and in 2021, we welcomed PRASAC Microfinance Institution into the KB Financial Group family,” he added. “Following these steps, in August 2023, Kookmin Bank Cambodia and PRASAC Microfinance Institution merged to form a commercial bank named KB PRASAC Bank Plc., leading to today’s official grand opening.”

Mr Yang continued that KB Financial Group, a number one financial group in Korea and KB Kookmin Bank, a largest commercial bank in Korea, and a parent company of KB PRASAC Bank, will bring the banking experience, state of the art of Information Technology, digital solution, and financial support for Cambodian through the merged bank.

KB PRASAC Bank does not only provide banking services but also helps in the financial consultation and decision making to our customers, stating that, “Our customers will be always first, and KB PRASAC Bank will offer best financial products tailored to suit their diverse life cycles, aspiring to become trusted lifetime financial partner of our customers”.

Mr. Oum Sam Oeun, President & CEO of KB PRASAC Bank, expressed his enthusiasm for the journey ahead, stating, “We are so excited that we unite under the banner of KB PRASAC Bank Plc., thus making us even more empowered to fulfill the meaningful mission in enhancing financial inclusion and driving economic growth in Cambodia. We have more ability to provide the innovative, cutting-edge, and unparalleled services to meet the evolving needs of our customers through a combination of expertise, information technology, digital capabilities in answering to demands of all types of customers – Individual, Company and SME.

“KB PRASAC Bank is committed and ready in the implementation of our core strategy on customer-centric focus and ensuring that every decision we make is guided by the best interests of our customers. KB PRASAC Bank aims to be the bank for all segments of society, from micro-businesses in rural areas to international enterprises. We pledge to stand by you through providing comprehensive financial services that cater to every generation,” He added.

In closing, Mr. Oum Sam Oeun expressed his sincere gratitude to the National Bank of Cambodia, Ministry of Commerce, regulators, local authorities for advising and especially to valued customers who have supported and chosen KB PRASAC Bank as their lifetime financial partner.

About KB PRASAC Bank

KB PRASAC Bank Plc., has a commercial license from the National Bank of Cambodia and received the approval from the Ministry of Commerce to conduct its banking operations officially in August 2023; and is an affiliate of KB Kookmin Bank – Korea. The perfect synergy leverages the strength of nearly 30 years of experience of PRASAC in microfinance sector and the world-class financial innovation of KB Kookmin Bank in banking sector, allowing the merged bank to deliver more comprehensive and innovative banking services and products to the customers in banking market of Cambodia. The bank has consolidated total assets of USD 5.7 billion, deposit balance of USD 3.1 billion, total loan portfolio of USD 5.0 billion, 192 branch offices, and more than 10,000 staff. The bank is dedicated to promoting financial inclusion, driving economic growth, and providing innovative banking solutions to its diverse clientele.

KB PRASAC Bank Plc., has recently cooperated with Bill24 Co., Ltd. to launch bill payment service, allowing the Bank’s customers to pay bills of 21 private-owned electricity and water companies nationwide via KB PRASAC Mobile in their mobile phone in a convenient and fast manner at a low cost of only USD 0.12 only per transaction.

Those 21 partner suppliers are listed below:

This is the newest offer after the Bank launched electricity bill payment service for Electricité du Cambodge (EDC) and water bill payment service of Phnom Penh Water Supply Authority (PPWSA) and Siem Reap Water Supply Authority (SRWSA).

Haven’t had KB PRASAC Mobile app yet? Download the app via App Store or Play Store and self-open Digital Account now without visiting any branch (only valid Cambodian ID and phone number are required), then you can pay bills of water, electricity, other financial transactions.

What is even more special is that you will get interest rate up to 4% per annum for Digital Account. The more outstanding balance you maintain in Digital Account, the higher interest rate you will receive.

For more information, please call 023 999 911 or 086 999 911 or visit www.kbprasacbank.com.kh

Phnom Penh, Cambodia, 07 August 2023 — KB PRASAC Bank Plc. is officially announced and launched following the merger between KB PRASAC Microfinance Institution Plc. (“KB PRASAC MFI”) and Kookmin Bank Cambodia Plc. (“KBC”). The new merged bank “KB PRASAC Bank Plc. (‘KB PRASAC’)” has a commercial bank license from the National Bank of Cambodia and received a final approval for integration from the Ministry of Commerce recently.

KB PRASAC Bank has now 192 branches throughout Cambodia – 184 KB PRASAC branches with 8 KBC branches.
The perfect synergy leverages the strength of nearly 30 years of experience of KB PRASAC in microfinance sector and the world-class financial innovation of Kookmin Bank Cambodia in banking sector, allowing the merged bank to deliver modern and variety of banking services and products combine the state of art of core banking and digital banking system in order to better serve all segments of customers in Cambodia even beyond financial services.

KB PRASAC Bank has a strong shareholder “KB Kookmin Bank” – the largest commercial bank of Korea and a major subsidiary of KB Financial Group Inc., which is Korea-based global leader in universal financial services and a New York Stock Exchange listed holding company. KB Kookmin Bank has its strategic direction to bring all best practices together with digital financial technologies to KB PRASAC Bank for making customers easier access to banking services.

With a shared vision of promoting financial inclusion, KB PRASAC Bank Plc. is committed to be the most trusted financial partner with innovative and sustainable services that are helpful for customer’s growth. The bank aims to provide sustainable access to financial services to communities, and micro, small and medium enterprises.

Mr. OUM Sam Oeun, President and CEO of KB PRASAC MFI and now the CEO of KB PRASAC Bank Plc., expressed his excitement about this remarkable development, “We are delighted to have received this final approval for the merger process and commercial bank license. On behalf of shareholder and all of us at KB PRASAC Bank, I would like to extend my sincere thanks to the National Bank of Cambodia and the Ministry of Commerce, and relevant authorities for their support during this major consolidation,” he added.

“The merger of the financial institutions as ‘KB PRASAC Bank Plc.’ signifies a powerful synergy that will create more and more benefits to customers in Cambodia. By mixing KB PRASAC’s long-standing experience in microfinance with KBC’s cutting-edge FinTech solutions and global expertise, we become a new stronger bank with an extensive network, wider branch presence, and increased total assets.”
Mr. Sam Oeun continued, “As we embark on this exciting journey, KB PRASAC Bank Plc. extends heartfelt appreciation to our valued customers for their trust and loyalty. We are committed to working tirelessly to make their lives better and contribute to Cambodia’s development by delivering innovative financial solutions and promoting financial inclusion.”

“We are confident that the merged bank’s expertise, resources, and commitment to excellence will empower customers and communities alike, stay in tune with the best financial partner – KB PRASAC Bank Plc.,” concluded Mr. Sam Oeun.

Please note that all documents such as loan agreements, term deposit certificates, ATM card, credit card, savings passbook and other legal documents of both KB PRASAC MFI and KBC remain valid. For further information, please kindly contact call center of KB PRASAC Bank via 023 999 911, 086 999 911, 0969 999 911 or email to info@kbprasacbank.com.kh.

About KB PRASAC Bank Plc.
KB PRASAC Bank Plc., a subsidiary of KB Financial Group, is a newly commercial bank in Cambodia formed through the successful merger of KB PRASAC Microfinance Institution Plc. and Kookmin Bank Cambodia Plc. The bank has consolidated total assets of USD 5.7 billion, deposit balance of USD 2.9 billion, total loan portfolio of USD 5.0 billion, 192 branch offices, and more than 10,000 staff. KB PRASAC offers full-fledged financial services that meet client’s needs and preferences. The bank is dedicated to promoting financial inclusion, driving economic growth, and providing innovative banking solutions to its diverse clientele. For more information, please visit www.kbprasacbank.com.kh

About KB Kookmin Bank
KB Kookmin Bank Co., Ltd. is a leading commercial bank in South Korea that has the largest number of branches in the industry and over 36 million customers equivalent to more than half of the nation’s population. The bank also stands as the leader in digital finance service by operating mobile platforms including Liiv and KB Star Banking with more than 17 million customers. It plays a key role in creating synergy among affiliates within KB Financial Group. For more information, please visit www.kbstar.com / www.kbfg.com.

PRASAC, the largest microfinance institution in Cambodia with the strong shareholder KB Kookmin Bank from Korea, has opened 2 new branches to provide better and inclusive financial services to customers and especially expand outreach nationwide.

Those 2 new branches are:
  1) PRASAC Trapeang Andoeuk branch, in Stueng village, Ou Saray commune, Tram Kak District, Takeo Province
  2) PRASAC Veal Veng branch, in Pramaoy village, Pramaoy commune, Veal Veng ditrict, Pursat Province.

These 2 new branches add up PRASAC’s office network up to 184, indicating the unrelenting commitment to customer-centric approach and dedication to delivering the best customer experience. We will continue to expand nationwide office and ATM network and spur FinTech as well as to bring our advanced financial products and services to more people across Cambodia.

Oddar Meanchey, 29 May 2023: PRASAC, the largest microfinance institution in Cambodia with the strong shareholder KB Kookmin Bank from Korea, has launched waste bill payment service of Viphou Phopudh Utility Co., Ltd in Oddar Meanchey province via​ PRASAC Mobile Banking for free of charge, every time and everywhere.

For those who have not yet had PRASAC account, you can open Digital Account via PRASAC Mobile Banking by yourself now and enjoy paying waste bill and other transactions for free of charge.

For more info, please call 086 999 911 or 023 999 911

Phnom Penh: KB PRASAC, the largest microfinance institution in Cambodia with the strong shareholder KB Kookmin Bank from Korea, has donated 200 million Riel to Cambodian Red Cross (CRC) in the celebration of the 160th Anniversary of World Red Cross and Red Crescent Day on 8 May 2023, under the theme “Together with Cambodian Red Cross for Social Inclusion.”

As the leading institution, KB PRASAC has actively engaged in social activities in order to create values and benefits for the society. Moreover, KB PRASAC always participates in many initiatives which benefit to society such as the battle against Covid-19 pandemic, the construction of library buildings, awarding outstanding talented students, sponsoring National Reading Day, sponsoring NBC’s Financial Literacy Awareness, ‘I love Riel’ Campaign, and providing emergency relief to its clients as well.

Through this contribution, KB PRASAC is glad to support the social activities of the Cambodian Red Cross. KB PRASAC hopes today’s donation will enable Cambodian Red Cross to further extend its relief program to more vulnerable victims.

KB PRASAC is dedicated to offering full-fledged financial services namely loans, deposits, PPWSA bill payment, EDC bill payment, waste collection bill payment, tuition fee payment, phone top-up, interbank fund transfer via Bakong system and Retail Pay system, inter-branch fund transfer, cash-by-code, foreign exchange, Cambodian Shared Switch (CSS), Fast Payment, real-time fund transfer, payroll, automated teller machine (ATM), cash deposit machine (CDM), KB PRASAC Mobile Banking and KB PRASAC Internet Banking, POS, bank confirmation and other services to target clients.