Cambodia Investment Review
Chief Bank, originally licensed as a specialized bank in Cambodia in late 2013, has been recording substantial growth since its establishment. The bank’s impressive progress over the years has allowed it to evolve into a leading commercial bank, maintaining an astounding financial track record.
Dr. Soeung Morarith, the Chief Executive Officer of Chief (Cambodia) Commercial Bank Plc, addressed the bank’s remarkable growth in a recent interview. He attributed the bank’s success to strategic actions and a well-defined business model primarily focused on local customers.
The needs of local customers
“Our strategic transformation continues to progress well. Our strength derives from strategic actions we have taken over the years to secure our solid foundations,” said Dr. Morarith. “Without the right formula or ingredient, we are simply heading toward ambiguity. In contrast, with the right formula and ingredient, our journey will only get brighter and brighter.”
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The CEO emphasized the significance of a clear business model and understanding the needs of local customers, defining them as essential ingredients in Chief Bank’s success formula.
“Our business model is shaped by customization aimed at satisfying our customers’ needs. And we must know what those needs are,” he added. “That’s very important. Chief Bank is customized to suit the real needs of Cambodian people.”
Dr. Morarith also stressed the importance of well-crafted business plans, talented staff, and new product development to keep pace with digital trends. He noted, “The business plan must be clear and look 5 years ahead. The plan needs to be sensible, meaning that we can implement it. Also, I’ve been fortunate to have exceptionally talented staff. Our staff are talented and highly experienced, and can be trained further.”
A strong digitalization agenda
Regarding digital transformation, the CEO added, “We try to build up teams to work to develop products to keep up with the trends, both locally and globally. To embrace the digital transformation trend, we actively promote Chief Easy App, Bakong KHQR code, and our online transactions that increased significantly.”
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The CEO added that adhering to the visions, missions, goals, and philosophy set by the board of directors and shareholders was another key factor that contributed to the bank’s successful journey.
Dr. Morarith acknowledged the crucial role of teamwork in the bank’s success and thanked the support received from the board of directors, the staff, and local authorities. He added, “Our staff are working not just for their own but also the team’s goods, which leads to a great sense of solidarity. When the staff is working with such a high level of solidarity, Chief Bank also has a high rate of success.”
In conclusion, Chief Bank’s continued success in the Cambodian market is a testament to its strong leadership, clear vision, and commitment to meeting the needs of its local customer base. This success story serves as a model for other banking institutions looking to establish themselves in new markets.
