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 23rd 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.