Malaysian bank CIMB has being granted a licence to fully operate a 100% owned subsidiary in Cambodia, providing retail banking products and services.
However CIMB told PBI it could not comment on when it would be able to offer private banking services in Cambodia.
CIMB private banking services in Southeast Asia are currently only available in Malaysia, Thailand and Indonesia.
CIMB faces strong competition from well established banks in Cambodia with an estimated 22 banks competing in the country’s private banking sector, including Standard Chartered, Credit Agricole and Maybank.
In October CIMB beat out Bank Mandiri and Kasikornbank to win the 2010 PBI award for ‘Outstanding wealth management service for the affluent’. In the year to May 2010 it has increased its assets under management by 50%.