ACLEDA Bank Tops Deposit Charts in Cambodia’s Banking Sector
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As the financial landscape of Cambodia continues to evolve, ACLEDA Bank, KB Prasac Bank Plc, and Sathapana Bank have emerged as leaders in the banking industry, particularly in terms of deposit accumulation as of the third quarter of 2023. According to the latest figures from the Cambodia Microfinance Association, these banks have shown significant growth in their deposit bases, highlighting the trust and confidence the Cambodian public places in these financial institutions.
ACLEDA Bank stands out with a substantial lead, boasting $6.71 billion in deposits, a figure that underscores its dominant position in Cambodia’s banking sector. Following ACLEDA, KB Prasac Bank secured its place with deposits amounting to $2.88 billion, while Sathapana Bank recorded $1.94 billion in deposits by the end of the third quarter of 2023.
The data also sheds light on the number of depositors, with ACLEDA Bank serving an impressive 4 million customers. KB Prasac and Sathapana Bank also reported a significant number of depositors, with 808,537 and 889,018 respectively, highlighting their substantial customer bases.
The National Bank of Cambodia (NBC) provided an overview of the banking industry’s performance in its 2023 report, noting a 13 percent increase in deposits across the sector. This growth translates to 197.2 trillion riels or approximately $47.9 billion, a noteworthy rise from the previous year’s 174.4 trillion riels or $42.2 billion.
Analysts attribute this upward trend in deposits to attractive interest rates offered by banks. For instance, interest rates for deposits in the local currency, the riel, reached as high as 7.7 percent, an increase from 6.9 percent in 2022. Dollar deposits also saw enhanced rates, with banks offering up to 6.5 percent interest in 2023, up from 5.4 percent the previous year.
The NBC is also exploring the introduction of a Deposit Insurance Scheme (DIS), aiming to bolster confidence in the banking system further and encourage savings in the local currency. Such schemes are commonplace globally, with 112 countries already implementing them. Within the ASEAN region, Cambodia and Myanmar are the exceptions, with neighboring countries like Indonesia, Singapore, Thailand, Laos, Vietnam, Malaysia, Brunei, and the Philippines already having established deposit insurance mechanisms.
Dr. Chea Serey, Governor of the NBC, emphasized the importance of deposit insurance, likening it to a “financial airbag” that safeguards people’s savings and fosters trust in the financial ecosystem. The bank is currently conducting a feasibility study to determine the best approach for implementing a deposit insurance scheme in Cambodia.
