spot_img

Canadia Bank ready for post COVID era after winning annual ‘strongest bank’ in Cambodia award

Cambodia’s largest commercial lender Canadia Bank has stated they are ready for the post COVID exit strategy after being awarded “Strongest Bank in Cambodia for 2021” for the third consecutive year by The Asian Banker.

Raymond Sia, Chief Executive Officer of Canadia Bank told Cambodia Investment Review that throughout the pandemic Canadia Bank has always practiced prudence in its lending and credit decisions.

The National Bank of Cambodia has earmarked it will maintain the current reserve requirement ratio at 7% until further notice, and continue its loan restructuring scheme until December 31.

“Our Balance Sheet remains strong and healthy. We are very much prepare for this “exit” as we are fully aware moratorium of such nature are only for the interim period,” Sia said.

“We have since last year proactively engaged our customers and have been conducting periodical reviews and follow-ups with them to better assess their repayment capacity and restructure their loans where appropriate and necessary,” he added.

Considering its relatively small population size Cambodia has an extremely high number commercially licensed banks. Last year independent researchers reported that there were around 60 banks at the end of 2019, which they considered as “unsustainable”.

“The Banking industry in Cambodia is highly competitive with more than 60 commercial banks. We welcome competition and believe this (competition) will only intensify over time,” Sia said.

Canadia Bank wins “strongest bank” award

“It is heartening to be recognized for the third consecutive year by The Asian Banker for this award. Canadia Bank has also been recognized with other awards by other reputable publications over the past 3 years including The Asian Banker for the Best Retail Bank in Cambodia for 2020 and 2021,” he added.

Cambodia’s financial system has been undergoing a rapid digitization transformation – a process that has only increased during the pandemic.

In response, Canadia Bank says it has been investing in both people and technology (hardware & software) to drive this cause.

“The pandemic has accelerated the needs for more contactless banking. However it is important not to neglect the “human touch”. We are also re-training our people to ensure they stay relevant and in-touch with our customers under this “new normal business environment”,” Sia said.

“The past year, the Bank has deployed more machines (ATMs, CRMs) and accelerated the usage of technology in our internal processes. We are excited to embark on this digital journey which ultimately is to make our Customer experience better and more efficient,” he added.

According to its 2019 Annual Report, the Bank currently holds $6.5 billion in assets and $388 million in Gross Revenue with $122 million in Net Profit employing more than 3,000 people across 62 Branches.

spot_img

Related Posts

Telegram Channel

Cambodia's best investment news & views direct into your Telegram account.