Preah Sihanouk Provincial Television, September 12: Canadia Bank received Hong Kong Monetary Authority approval yesterday to establish a representative office in Hong Kong, according to the report. It described the move as progress in Cambodian financial enterprises' overseas expansion and in economic and financial cooperation with Hong Kong and ASEAN.
The report linked the approval to a meeting in July of the previous year between Canadia Group Chairman Dr. 方侨生, whose name is retained as written in the Chinese source, and Hong Kong Chief Executive John Lee. They discussed Hong Kong's advantages as an international financial centre and opportunities for cooperation, laying a foundation for Canadia Bank's entry into Hong Kong.
The report describes Canadia Bank as part of Canadia Group, established in 1991, with around US$8.6 billion in assets, 69 branches and 430 self-service digital counters across Cambodia, and a subsidiary in Laos. It says the representative office would help one of Cambodia's major commercial banks expand internationally and use Hong Kong's financial platform to support Cambodian firms going overseas.
Dr. 方侨生 said the Hong Kong representative office was an important step in the group's internationalisation strategy. He said Canadia Bank would use Hong Kong to connect more effectively with international capital markets and promote links between Cambodian businesses and global partners.
Compiled by the station
