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BIDC PHNOM PENH BRANCH GRAND OPENING EXPANDING NETWORK ACTIVITIES IN CAMBODIA

Implementing the direction of the Prime Minister of Vietnam, Bank for Investment and Development of Vietnam (BIDV) has launched its official presence of businesses and investments in Cambodia since late July 2009, in which it celebrated Grand Opening and launched operations of Bank for Investment and Development of Cambodia Plc (BIDC)

Implementing the direction of the Prime Minister of Vietnam, Bank for Investment and Development of Vietnam (BIDV) has launched its official presence of businesses and investments in Cambodia since late July 2009, in which it celebrated Grand Opening and launched operations of Bank for Investment and Development of Cambodia Plc (BIDC)


BIDC has officially been operated in early September 2009, being established by restructuring entirely Prosperity Investment Bank Plc (PIBank), a private bank in Cambodia, then renamed and increased capital to 70 million US dollars, which is the second largest commercial bank in chartered capital in Cambodia today.

The main operational goals of BIDC are to connect two financial markets of Vietnam - Cambodia and to provide full and perfect financial service packages for Vietnamese enterprises that invest in Cambodia and other economic sectors in Cambodian market, contributing to the development of Cambodian economy.

With the existing reputation and brand of BIDV, BIDC is known quickly by the financial markets and Banks of Cambodia. With its experiences, procedures and standards complying with international standards, BIDC has quickly expanded and normalized its operations following the model of modern banks, and professional activities.

Business activities of BIDC have provided profits since the end of 2009. After 8 months of operations, total assets of BIDC have reached to over 150 million US dollars, doubled comparing to the established time, and these will be grown rapidly in the coming future.

To connect effectively financial markets between Vietnam and Cambodia, especially direct payment channels between Vietnam and Cambodia, BIDC has opened new branch in Ho Chi Minh in late 12/2009, creating good conditions for Vietnamese enterprises which have investment and trade in Cambodian market, contributing to promote two-way import/export businesses as expected by two governments.

In the context of global economic crisis, Cambodia's development remains relatively stable and strong; foreign capital flows continue to be invested in Cambodia; and the economy has changed significantly. Besides, the presence of BIDC has positively impacted the financial and monetary markets of Cambodia, contributing to stimulation of the financial operations - banks serving the cause of economic development of Cambodia. With suitable and flexible business policies, many businesses in Cambodia have chosen BIDC as the Bank which meets their capital and other financial services, so only within a short time, there are more and more customers come to have their transactions dealt with BIDC.

With the economic potential of Cambodia, and with the initial success of BIDC, the leadership of BIDV often supplies BIDC to continue researching and developing networks, implementing strategy to expand businesses in this potential market.

The establishment of Phnom Penh Branch of BIDC, the first branch of BIDC in Cambodian market, once again confirmed the qualification for operations of BIDC that it is expanding networks, serving actively for the development of Cambodian economy, directing to all customers of all economic sectors, in particular, Vietnamese enterprises which have investments to Cambodia, step-by-step making up BIDC's position in the Cambodian market, and preparing the necessary conditions to catch the prosperity of Cambodia's economy in the future, especially when the stock market in Cambodia is officially put into operation.

Phnom Penh Branch

 

Phnom Penh Branch

 

BIDC would commit to the Government and National Bank of Cambodia that BIDC will quickly integrate and develop its potentials in Cambodia market, contributing to the development of financial markets in particular and the economy of Cambodia in general.


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