Cambodia Investment Review
ABA Bank, the largest commercial bank in Cambodia, has made headlines by significantly increasing its tax contributions and engaging in various community initiatives. As the 2nd highest taxpayer in the country and the highest among financial institutions, ABA Bank demonstrates a strong commitment to supporting Cambodia’s growth and prosperity.
In 2022, ABA Bank’s tax payments reached $76.03 million, a substantial increase from $52.68 million in 2021. This 44% year-on-year growth exemplifies the bank’s dedication to responsible corporate practices that contribute to Cambodia’s economic development.
Read more: ABA Bank continues record growth while maintaining prudent loan-to-deposit ratio
ABA is the largest commercial bank in Cambodia in terms of assets, known for its modern and convenient digital financial solutions that cater to the diverse needs of its customers. As of 31 December 2022, the bank managed US$ 9 billion in total assets and had over 2.5 million customers.
Tax payments essential for economic progress
The importance of tax payments cannot be understated, as they fund public services, infrastructure, and social programs that benefit the Cambodian population. ABA Bank’s increased tax contributions set a positive example for other businesses in the country to emulate.
Read more: ABA becomes the exclusive bank sponsor of Cambodia SEA Games 2023
In addition to its tax payments, ABA Bank has been actively involved in community give-back projects. One recent example is their partnership with the Cambodia SEA Games Organizing Committee (CAMSOC) as the “Exclusive Bank Sponsor” and “Exclusive Cashless Payment Sponsor” of the 32nd Southeast Asia Games and the 12th ASEAN Para Games (SEA Games).
Through this partnership, ABA Bank has committed $1,650,000 in in-cash and in-kind sponsorship to support the Cambodian national team, the hosts, and promote the Games spirit among ABA customers. This collaboration showcases the bank’s focus on fostering sportsmanship, unity, and pride within the Cambodian community.
ABA named ‘Best Bank in Cambodia 2023’
ABA Bank, a member of National Bank of Canada Group, has been named “Best Bank in Cambodia 2023″ by Global Finance magazine. This prestigious award was presented at the 30th annual awards for the World’s Best Banks event in New York, where ABA Bank was recognized for its strong performance in the market and its commitment to meeting the needs of its customers.
The CEO of ABA Bank Askhat Azhikhanov commented on the award: “We are honored to have received our ninth consecutive award from Global Finance, which serves as a testament to the dedication of our staff and management team to provide unparalleled banking services to the people. We humbly dedicate this award to our valued clients, who inspire us to continuously improve and exceed their expectations.”
“At ABA, we are consistently committed to embracing the latest banking technologies and innovations, coupled with relentless efforts to expand our resource capacity. We aim to offer a comprehensive range of innovative and convenient banking products that cater to the diverse needs of our clients across the country,” he added.
According to Global Finance, the winners of this year’s awards are those banks that attended carefully to their customers’ needs in complex markets and accomplished strong results while laying the foundations for future success. Winning organizations managed their assets and liabilities in a savvy way in light of the fast-changing interest rate scenarios.
Established in 1996, ABA Bank holds a long-term issuer credit rating of “B+” with a stable outlook from Standard & Poor’s Global Ratings Agency. As a subsidiary of the National Bank of Canada, which currently holds around $289 billion in global assets, ABA Bank plays a crucial role in Cambodia’s economic development and community support initiatives.
