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NEWS UPDATES Asean Affairs   13 November 2013  

Malaysian company selling its local bank

Malaysian financial services group Hwang-DBS Bhd is selling its eponymous bank in Cambodia for $40 million, the company has announced on the Bursa Malaysia.

“Disposal is in line with the objective of the company to exit the commercial banking industry,” the November 8 announcement said, referring to an agreement with Malaysian conglomerate Affin Holding Bernard to sell its investment banking business.

The sale is to Phillip MFIs Pte Ltd, a member of the Singapore-based PhillipCapital Group. PhillipCapital has an existing presence in Cambodia with MFI subsidiary Kredit Microfinance Institution.

Hwang-DBS came to Cambodia in 2009. As of May, it had four branches and 80 staffers.

The bank targets credit for small- and medium-sized business across construction, manufacturing and the hotel industry. The sale is expected to be completed in the first quarter of 2014. Neither Hwang-DBS nor Phillip Group could be reached for comment.



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ASEAN  ANALYSIS

This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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