Phnom Penh Commercial Bank

{{Infobox company

| name = Phnom Penh Commercial Bank

| logo =

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| image = PPCBank111.jpg

| image_caption = PPCBank Head Office

| type = Private

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| foundation = {{Start date and age|September 2008}}

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| location_city = Phnom Penh

| location_country = Cambodia

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| area_served = Cambodia

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| industry = Banking

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| owner = {{Plainlist|

  • {{Interlanguage link|JB Financial Group|ko|JB금융지주}} {{Small|(60%; 2016–present)}}
  • OK Financial Group {{Small|(40%; 2016–present)}}}}

| num_employees =

| parent = {{Plainlist|

  • {{Interlanguage link|Jeonbuk Bank|ko|전북은행}} {{Small|(50%; 2016–present)}}
  • JB Woori Capital {{Small|(10%; 2016–present)}}
  • {{Interlanguage link|Apro Financial|ko|아프로파이낸셜대부}} {{Small|(40%; 2016–present)}}}}

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| homepage = {{Official URL}}

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}}

Phnom Penh Commercial Bank (PPCB; {{langx|km|ធនាគារ ភ្នំពេញ ពាណិជ្}}) is a public bank of Cambodia. The bank was founded on 1 September 2008 with US$15m in paid in capital.{{cite web|url=http://search.japantimes.co.jp/cgi-bin/nb20080902a4.html|title=SBI Cambodia bank starts business|date=Sep 2, 2008|publisher=Kyodo News|accessdate=2009-01-14}} The head office of the bank is located at #217, Norodom Blvd, Sangkat Tonle Bassac, Khan Chomkarmon.

The bank was established as a joint venture of Hyundai Swiss Savings Bank (now SBI Savings Bank) of South Korea, and SBI Group of Japan.{{cite web |url=http://eng.hsb.co.kr/ |title=Hyundai Swiss Bank |access-date=2009-01-09 |archive-date=2009-02-13 |archive-url=https://web.archive.org/web/20090213044949/http://eng.hsb.co.kr/ |url-status=dead }}{{cite web|author=Samrach |url=http://www.ppcb.com.kh/index.php?option=com_content&task=view&id=95&Itemid=186 |title=We Make Banking Easy! - PPCBank Cambodia |publisher=Ppcb.com.kh |date= |accessdate=2022-07-22}} The SBI Group has invested $6 million for a 40% interest in the new Cambodian bank while Hyundai Swiss Savings Bank has invested $8.55 million for a 57% stake. The remaining 3% investment was held by another South Korean financial group.{{cite web|url=https://www.theasianbanker.com/A556C5/Update.nsf/($All)/8EB1B7C1D9FEB086482574BF00206611?Opendocument|title=SBI Holdings, Hyundai Swiss open bank in Cambodia|date=September 10, 2008|publisher=The Asian Banker|accessdate=2009-01-14}}{{Dead link|date=May 2020 |bot=InternetArchiveBot |fix-attempted=yes }} The Phnom Penh Commercial Bank is Cambodia's 23rd commercial bank,{{cite web|url=http://www.bot.or.th/Thai/EconomicConditions/AsianEconomies/cambodia/EcoData_Cambodia/DocLib_1/BankSys.pdf|title=The Banking System in Cambodia|date=September 30, 2008|publisher=Bank of Thailand|accessdate=2009-01-14}} {{Dead link|date=November 2010|bot=H3llBot}} and was the first bank launched by a Japanese company in Cambodia.{{cite web|url=http://www.japancorp.net/Article.Asp?Art_ID=19607|title=SBI Opens Bank in Cambodia|date=Sep 1, 2008|publisher=Jiji Press|accessdate=2009-01-14}} {{Dead link|date=October 2010|bot=H3llBot}}

In 2016, the bank was acquired by a consortium of South Korean {{Interlanguage link|JB Financial Group|ko|JB금융지주}} and what is now OK Financial Group (a conglomerate run by Korean Japanese entrepreneurs), each obtaining 60% and 40% of stakes respectively. As a result, the bank is currently owned by two subsidiaries of JB Financial Group – {{Interlanguage link|Jeonbuk Bank|ko|전북은행}} (a regional bank that primarily serves the North Jeolla Province; 50%) and JB Woori Capital (unrelated to neither Woori Financial Group nor its subsidiary Woori Bank; 10%) – and one subsidiary of OK Financial Group – {{Interlanguage link|Apro Financial|ko|아프로파이낸셜대부}} (which issues high-interest loans under the trade name of Rush & Cash; 40%).{{cite news |last1=Lee |first1=Donald |title=How a midsize Korean bank plans to finance the Kingdom's middle class |url=https://capitalcambodia.com/how-a-midsize-korean-bank-plans-to-finance-the-kingdoms-middle-class/ |accessdate=30 January 2020 |work=Capital Cambodia |publisher=Khmer Times |language=en}}

Background

The Phnom Penh Commercial Bank is one of a number of banks which have opened operations in Cambodia in the wake of several major changes in the domestic financial sector. In May 2007, Standard and Poor’s issued a historic first ever rating to a Cambodian bank.{{cite web|url=http://www.businessweek.com/globalbiz/content/oct2007/gb20071025_950280.htm|archive-url=https://web.archive.org/web/20071029150225/http://www.businessweek.com/globalbiz/content/oct2007/gb20071025_950280.htm|url-status=dead|archive-date=October 29, 2007|title=Coming Soon: A Cambodian Stock Exchange|date=October 25, 2007|publisher=BusinessWeek|accessdate=2009-01-10}} In 2008, the National Bank of Cambodia announced a change in the deposit requirements for all banks operating in Cambodia.

With growth rates of over 10% for the last three years, investors from Asian countries like South Korea and Japan were increasing direct foreign investment in Cambodia.

Services

The bank offers several core personal banking services. It offers saving accounts, term deposits, corporate and personal loans, automated teller machine and various corporate banking services.{{cite web|url=http://www.ppcb.com.kh/index.php?option=com_content&task=view&id=27&Itemid=188|title=Personal banking|date=2009|publisher=Phnom Penh Commercial Bank|accessdate=2009-01-13}} PPCB also offers various services for business like trade financing services, including documentary credits, shipping and airway guarantees, inward bills for collection, trust receipts and bills receivable financing. Bank guarantees and standby letters of credit are also available.{{cite web|url=http://www.ppcb.com.kh/index.php?option=com_content&task=view&id=109&Itemid=197|title=Corporate banking|date=2009|publisher=Phnom Penh Commercial Bank|accessdate=2009-01-13}}

References

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