Cambodia Investment Review
Confidence is crucial in guaranteeing successful commercial banking operations and development, and with trust at the core of its operations, Chief Bank Cambodia CEO Dr. Soeung Morarith believes that his institution is well placed to manage.
“There are some challenges, due to the recent negative economic effects of the Covid- 19 global outbreak, geo-political tension and the war between Russia and Ukraine, high inflation rates, and rising interest globally. However, as we have the right team, right formula, innovative approaches and financial strength, we are confident of successfully overcoming these, becoming stronger and more stable.
Additionally, we are well aware that the Royal Government has adopted an expansionary policy to mitigate the negative effects of these global issues on the Cambodian economy,” Dr. Morarith said.
Strong growth in the Kingdom
Chief Bank Cambodia has seen strong growth in the Kingdom since beginning operations in December 2013 with initial capital of just $10 million and head count of about 20, while total assets were at more than $222 million as of the beginning of March 2nd, 2023 and total staff over 160, and Dr. Morarith considers clients to be long-term partners as the financial institution continues to flourish.
“Our corporate philosophy – ‘The Chief Way’ – builds mutual trust and partnerships with our customers, which is key to shared prosperity, and the way our business is conducted sincerely and with the highest professional ethics.
Chief Bank utilizes a business model that is localized, customized and best suited to the real needs of our clients in Cambodia. We have been actively working to further refine our existing products and introducing new products and services to meet our clients’ growing needs,” he said.
Originally established in Hong Kong in 1979, Chief Group has weathered many storms, including the 1997 Asian and 2007-8 global financial crises, and gone from strength to strength by adhering to its core beliefs of ethical practices and prudent investment.
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“We have stayed the course by sticking to our vision, mission, goals and philosophy, and by serving our customers better than ever, to yield sound results. Our successes are attributed to a strong team spirit with clear vision and policies,” he stressed.
Assets hit more than $222 million
Chief Bank began operations in Cambodia in December 2013 with initial capital of just $10 million, while total assets up to now are at more than $222 million, according to Dr. Morarith.
And despite predictions of a turbulent year ahead for the financial sector, he is still confident of steady growth.
“Through the concerted efforts of all staff and management, and with the very strong supports of our loyal customers and relevant regulators, especially the National Bank of Cambodia (NBC), we believe the bank is well positioned to continue performing well in 2023 and years ahead.
Chief Bank’s adherence to the highest standards in banking can be seen in its strict policy on risk management.
Regardless of how good the collateral or how viable the credit proposal appears, we place integrity ahead of gains in long-term business strategies, and strictly adhere to corporate social responsibility,” he said.
“We have optimized our capital base, prudently managed, operated and increased our investment. We continue our focus on risk control and risk management to ensure that Chief Bank is indisputably strong and stable in this growing industry,” he stressed.
Dr. Morarith said the key to the bank’s continuing success in the Kingdom is its commitment to people and ethical investment, coupled with Chief Group’s successful model and decades of experience in major global financial hub Hong Kong.
“With our shareholders’ backgrounds in Hong Kong as comprehensive financial service providers for more than 43years, Chief Bank inherits the fine tradition of doing business by embracing a customer-focused philosophy, with the relentless pursuit of service excellence.
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We are committed to being a good companion with our dearest customers on their journey towards goal achievement and wealth accumulation. Chief Bank is working for a better future for people in Cambodia – our valued customers, our employees and Cambodia’s banking industry, and society at large. Their success is our success,” he said.
Five branches in prime locations
Chief Bank has five branches and all are in the prime locations in Phnom Penh—Boeng Kok branch, Chba Ampov branch, Olympic branch, Preah Norodom Branch and our new Aeon Mean Chey branch, where are strategically located in order to serve our target customers such as M/SME, consumers and corporate much better, with our innovative approaches. One of our new flagship developments, such as the pioneering digital micro-lending app
“Chief Easy”. Chief Easy (“the App”) is a digital lending platform owned and operated by Chief (Cambodia) Commercial Bank (“Chief Bank”), with our aims to ride the rapid digital adoption wave in Cambodian banking industry.
Customers can apply the loan up to USD5,000 anywhere and anytime without collateral through their mobile phones. Customer will receive the quick response within 24 hours of working days.
Our new branch opening called Aeon Mean Chey branch (5th Branch), is spearheaded by our highly experienced branch manager Mr Chroeung Vannoeun who has more than 20 years working in the commercial bank, and the branch is well situated at Aeon Mall Mean Chey, Unit No. F033, Samdach Hun Sen Blvd, Sangkat Chak Angrae
Kraom, Khan Mean Chey, Phnom Penh, Cambodia, where is one of the commercial, busy and newly strategic areasand is expected to provide perfect service, positively push forward our bank portfolio, increase the approachability of more customers, increase high possibility to efficiently establish regular and loyalty customers, well manage existing clientele bases, enhance efficient brand awareness and extend our strengths etc