The opening ceremony of the MB Cambodia Bank, PLC in Phnom Penh on February 27. — VNA/VNS Photo Hoàng Minh

PHNOM PENH — The MB Cambodia Bank, Public limited Company (MB Cambodia) officially launched its services on February 27 as a commercial bank wholly invested by Việt Nam’s Military Commercial Joint Stock Bank (MB).

Addressing the ceremony in Phnom Penh, MB Vice Chairman and Director General Lưu Trung Thái said realising opportunities in the retail and digital banking segments and with cooperation from strategic partners, MB leaders decided to transform the branch in Cambodia, founded in 2011, into a commercial bank. The move received approval from the Vietnamese Government and Cambodian authorities, especially the National Bank of Cambodia.

MB Cambodia is now operating as a commercial bank with a long-term vision of supplying diverse banking services for clients. Its main products and services include retail banking services for individuals and corporate banking services for organisations, he noted.

Vietnamese Ambassador Nguyễn Huy Tăng held that MB Cambodia has been present in Cambodia for more than a decade, and its transformation into a commercial bank is an important turning point marking MB’s development to the regional level.

He said operating in this market for 11 years, MB Cambodia has also contributed to local economic development, job creation, social activities, as well as the two countries’ friendship and solidarity.

In his remarks, Chea Chanto, Governor of the National Bank of Cambodia, expressed his hope that with the MB Group’s digital and specialised capacity, MB Cambodia will compete well with other banks and financial institutions. It will create many new financial products to meet clients’ demand, provide safe and secured digital banking services in the growing digital world, and help with the development of his country’s financial and banking market.

MB Cambodia is headquartered at No 146, Preah Norodom Avenue in Tonle Basak ward of Chamkar Mon district, Phnom Penh. — VNS