Cambodia Investment Review
Dr. Soeung Morarith, Chief Executive Officer of Chief Bank, recently discussed the bank’s ten-year journey in Cambodia’s competitive banking industry with a leading news outlet. His focus was on the bank’s commitment to digital transformation, the solid trust established with customers, and its ability to navigate financial challenges to achieve consistent growth.
Commencing operations in 2013 as a specialized financial institution, Chief Bank made a significant transition to become a full-scale commercial bank in 2018. Despite various global and local economic challenges, the bank has demonstrated remarkable resilience and strategic foresight. It has seen its total deposits grow beyond the $130 million mark and has amassed total assets worth $220 million.
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Reflecting on the bank’s strategic journey, Dr. Morarith explained, “We have taken strategic actions over the years to build a firm foundation. This has been underpinned by the great trust of our customers, and the highest standards of professional ethics, integrity, prudence, and transparency. These remain our core guiding principles.”
Chief Bank demonstrated its remarkable stability and progress over a decade
In a period marked by the aftermath of the global pandemic, Chief Bank has demonstrated remarkable stability and progress. The bank has maintained a strong liquidity coverage ratio and solid capital positions amid an uncertain financial climate. In 2022 alone, the bank’s deposits experienced a robust growth of 17.8 percent, reaching over $136 million from December 2021. Its net income also saw a significant year-on-year increase of 50 percent. The bank has managed to keep its Non-Performing Assets (NPA) rate low, at just 0.4 percent.
The CEO also highlighted the bank’s commitment to digital transformation: “Keeping pace with the latest financial technologies has been our top priority. We have established collaborations with leading tech firms from the UK, Hong Kong, and India to keep our technology infrastructure current and efficient.”
The bank’s initiatives extend beyond digital innovation to active support for businesses and entrepreneurs across sectors. “We acknowledge the role of businesses, big and small, in nation-building. That’s why we extend our support to corporate, SMEs, and micro-enterprises without preferential treatment,” he explained. He also pointed to the role of their in-house market research team in shaping the bank’s credit policy towards different sectors.
Dynamics of growth and resilience in a challenging financial climate
In a dynamic and competitive banking industry, Dr. Morarith outlined the bank’s strategic approach. It consists of a strong digitalization drive, rigorous cost and benefit analysis, and strategic partnerships. These pillars, according to him, have helped Chief Bank maintain a competitive edge.
Dr. Morarith also shed light on the bank’s unwavering commitment to Corporate Social Responsibility (CSR) initiatives, particularly those targeting youth and students. He acknowledged that, “A portion of our profits is earmarked for the social welfare of our country. We have always given back to the society that has supported us over the past decade.”
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Looking into the future, Dr. Morarith detailed plans for expanding corporate branding, ensuring strict adherence to compliance norms, and increasing their presence in strategic locations within Phnom Penh Concluding his interview, the CEO imparted some wisdom for aspiring banking professionals, stressing the importance of constant learning, maintaining a track record of merit, and upholding character in all aspects of life and work.
Chief Bank’s decade-long journey offers an intriguing insight into the dynamics of growth and resilience in a challenging financial climate. It stands as a testament to the power of customer trust, strategic foresight, and the strategic adoption of digital technologies in the banking sector.
