Cambodia Investment Review
The National Bank of Cambodia (NBC) has issued a formal Prakas ordering Panda Commercial Bank Plc. to cease its banking operations and enter into an official liquidation phase, according to the central bank’s signed directive dated February 2026
The Prakas outlines the legal framework and procedures governing the liquidation and confirms that the bank’s licence is effectively terminated as part of the process. From the date of issuance, Panda Commercial Bank Plc. is prohibited from conducting further banking activities and must comply fully with the liquidation measures set out by the regulator.
Appointment of Liquidator
Under the Prakas, the National Bank of Cambodia has appointed Morison Kak MKA Audit-Accounting Co., Ltd. as the official liquidator responsible for managing the winding down of the bank.
The same audit firm has also been appointed in the liquidation of Prince Bank earlier this year, placing the firm in charge of overseeing two separate bank liquidation processes in 2026.
As liquidator, Morison Kak MKA Audit-Accounting Co., Ltd. is tasked with taking control of the bank’s assets and records, verifying creditor claims, safeguarding remaining assets, and distributing recoveries in accordance with Cambodian law and regulatory guidance. The Prakas grants the liquidator authority to manage and represent the bank for the purposes of liquidation.
Read More: Morisonkak MKA Appointed as Liquidator for Prince Bank
Speaking to Cambodia Investment Review, Stephen Higgins of Mekong Strategic Capital said: “There are a number of banks who have had some reputational clouds hanging over them, and it is very pleasing to see the NBC taking firm action on this. Ultimately, actions like this will enhance confidence in the bank sector.
Financial Position According to 2023 Annual Report
According to Panda Commercial Bank Plc.’s 2023 annual report — the most recent publicly available financial statement, as a 2024 report could not be located — the bank reported total assets of USD 221.8 million at year-end 2023.
The largest asset category was cash and bank balances, amounting to USD 105.8 million. Deposits and placements with the National Bank of Cambodia stood at USD 25.7 million, while loans to customers totalled USD 41.9 million.
The bank also reported statutory deposits with the NBC of USD 14.9 million and an amount due from a shareholder of USD 19.1 million. Other assets, right-of-use assets, intangible assets, and property and equipment made up the remaining balance.
The 2023 financial data provides a snapshot of the bank’s balance sheet prior to the liquidation decision, although the Prakas itself does not detail the specific financial or supervisory factors that led to the move.
Creditor Claims and Oversight
The Prakas stipulates that creditors must submit claims within the timeframe established by the liquidator. The verification and settlement of liabilities will be conducted in line with Cambodia’s Law on Banking and Financial Institutions and related regulations governing insolvency and liquidation of licensed financial institutions.
The document further prohibits any unauthorized transfer or disposal of assets outside the liquidation framework and requires the bank’s management and relevant stakeholders to cooperate fully with the liquidator and regulatory authorities.
The liquidation process will be supervised by the National Bank of Cambodia, with relevant ministries and institutions instructed to enforce and implement the Prakas.
The order takes immediate effect from the date of signature, formally initiating the legal winding down of Panda Commercial Bank Plc.’s operations.
