ASEAN KEY DESTINATIONS
Cambodia' s banking
HwangDBS Commercial Bank opened its doors amid the global financial crisis. Though it was challenging, the bank had some opportunities, to record a considerably lower-than-expected pre-tax loss of US$0.77 million with total operating revenue of $0.44 million [last year].
The bank believes that there is tremendous room for growth given that the Cambodian economy is still young, and there is a large percentage of the local population that are still wary of banks or have limited access to such facilities. Most banks are located in urban cities, while more than 80 percent of the population lives in the countryside.
The main challenge for HwangDBS Commercial Bank is its network. We have only one outlet at the moment.
The other major challenge is competition. There are currently 28 banks in Cambodia competing for the same piece of the pie.
If our customers are not able to come to HwangDBS Commercial Bank, the bank will go to them. To address the challenge of network the bank is planning to open another two branches in Phnom Penh by end of this year and to look into the possibility of joining an ATM network with other banks.
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