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ACLEDA Bank has Officially Put Its Sign Board as a Commercial Bank

January 01, 2004

You may have learned recently through our website as well as some local media agents located in Cambodia that The National Bank of Cambodia has granted a full commercial banking license to ACLEDA Bank since December 01, 2003.

On January 01, 2004 ACLEDA Bank has officially put its new sign board as a commercial bank at all offices throughout its nation wide branch network. One part of the process of qualifying for this license we have greatly strengthened our capital base. Our shareholders, which include the International Finance Corporation (World Bank), DEG (Germany), FMO, Stichting Triodos Doen and Triodos Custody B.V. (The Netherlands), recently participated in a rights issue which raised our paid-up capital from US$4 million to US$13 million. Together with reserves and accumulated earnings our capital funds now exceed US$16 million which gives ACLEDA Bank one of the strongest balance sheets in the nation with capital adequacy well in excess of both the National Bank's and international norms. This significantly enhances our ability to withstand the risks inherent in modern day business.