KB Kookmin Bank has officially inaugurated KB PRASAC Bank in Phnom Penh, Cambodia, marking a significant expansion of its operations in the region. The opening ceremony, held on Friday, was attended by around 700 guests, including notable figures such as CheaSerey, the Governor of the National Bank of Cambodia, ChringBotumRangsay, the Ambassador of Cambodia to Korea, and Yang Jong-hee, the Chairman of KB Financial Group. The event also saw participation from representatives of Korean companies venturing into the Cambodian market and staff from KB PRASAC Bank.
Chairman Yang Jong-hee outlined the bank’s commitment to providing superior customer service and contributing to the sustainable development of local communities in Cambodia by fostering a spirit of coexistence and shared prosperity. He emphasized the bank’s goal to become an integral financial partner for Cambodians by offering personalized financial solutions that cater to the diverse needs of their life stages.
KB’s journey in Cambodia began in 2009 with the establishment of Kookmin Bank Cambodia. This venture expanded with the acquisition of Prasac Microfinance Institution, renowned for its microloan services. In a significant move towards consolidation, KB merged Kookmin Bank Cambodia with Prasac Microfinance Institution in August, following approval from Cambodian regulatory bodies, culminating in the creation of KB PRASAC Bank.
KB PRASAC Bank aims to position itself as the leading commercial bank in Cambodia by developing and offering banking products specifically designed for the unique needs of various customer segments. These products will range from microloans for the agricultural sector to entrepreneurial support loans for small businesses and housing finance options for middle-income groups.
The bank’s strategy includes bridging the service gap between its established rural base and the urban markets it plans to penetrate, enhancing financial accessibility and inclusion across Cambodia.
Currently, KB PRASAC Bank stands as the fourth-largest commercial bank in Cambodia by size, boasting 190 branches and employing over 5,000 staff. The bank is focused on broadening its operational footprint and solidifying its presence in the Cambodian banking sector, as reported by The Korean Times.
Source: Khmer Times
