Ex-President of PPCBank and a leading figure in Cambodia’s banking sector has decided to return to his home country of South Korea this week – after spending five years in Cambodia.
Under Shin’s presidency, PPCBank successfully raised KHR 80 billion (approximately $20 million) during the two phases of its bond issuance process on the Cambodia Securities Exchange. Investors subscribed to the FX-indexed bonds with an interest of 6.5% per annum and maturity of three years.
Last year, PPCBank’s total assets surpassed more than $1 billion, with the financial institution declaring a net profit of more than $16 million, with total equity of $155 million.
The South Korean-owned PPCBank announced that its Board of Directors has appointed Baek Jongil as its new president, effective since April.
Baek previously held the position of CEO at JB Asset Management Co Ltd, a subsidiary of the Jeonbuk Financial Group, a major PPCBank shareholder. Baek succeeds Shin Chang Moo
With over 30 years of experience in the financial industry, he is no stranger to the Cambodian banking sector, having been a member of PPCBank’s BoD from September 2016 to August 2019, and has visited the Kingdom on several occasions.