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ACLEDA Bank Limited Launch

Mr. In Channy, General Manager of ACLEDA Bank, receiving a specialised banking license from H.E. Chea Chanto, Governor of the National Bank of Cambodia.

October 07, 2000

Cambodia's newest bank, ACLEDA BANK LIMITED, was formally launched at a ceremony held in Phnom Penh on October 07, 2000. The event was attended by H.E. Mrs. Heidemarie Wieczorek-Zeul, H.E. Mr. Chea Chanto, Governor of the National Bank of Cambodia. As well as senior representatives of the shareholders and original donors, some 250 visited guests from government, the diplomatic corps, the financial and commercial community, various international development agencies and NGOs. The new bank will continue to focus on providing micro and small credit to the lower income segment of society but as an offers to its customers. These will include deposit taking (savings and fixed), cash management, funds transfers, and later on, insurance products designed specifically for the need of the local community.

In his speech, H.E. Mr. Keat Chhon expressed the hope that ACLEDA would remember its roots and continue to support the raising of the people's living standards in the rural areas.

Timothy M. Krause, Principal Investment Officer for IFC stated that "The story of ACLEDA Bank's transformation is a terrific success story for Cambodia... ACLEDA has become a global success story as well. There are very few micro finance NGOs in the world who have made the transition to a commercial bank as successfully as ACLEDA has. In the future, I believe that institutions will look to ACLEDA as a model."