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Book Launch for "When There Was No Money: Building ACLEDA Bank in Cambodia's Evolving Financial Sector" in Phnom Penh, Cambodia

Mr. In Channy and Ms. Heather A. Clark sign on the book

November 29, 2005

Phnom Penh, Cambodia —Book Launch for "When There Was No Money: Building ACLEDA Bank in Cambodia's Evolving Financial Sector" on November 29, 2005 at Raffles Hotel Le Royal. On that occasion, Mr. In Channy, General Manager, Mr. Pieter Kooi, Board Committees of ACLEDA Bank Plc, Mr. Douglas Gardner, Country Representative of UNDP, and Ms. Heather A. Clark, the author of the book, gave speeches to all honor guests.

Mr. In Channy said everybody might think that was a strange title for a book about microfinance and building a bank. But it was only a little over a decade, before ACLEDA started in 1992, that Cambodia had no national currency —no money. He also said there were two reasons for the ACLEDA story through this book. First, our new staff would be able to see where ACLEDA Bank came from, what our roots were, and what values were important for building our bank. The second reason was so that we could contribute to the development of others. Moreover, he said the reason why Ms. Heather Clark wrote this book and gave thanks to ACLEDA's supporters and shareholders to assist in the development until now.

Distinguished guests on the occation of the book launch

Mr. Douglas Gardner said that he was very happy when he saw ACLEDA Bank growth at present and ACLEDA Bank's offices everywhere and he would consider ACLEDA's performance as an experience to use in other countries. In their operations, they didn't only think about transaction, but also customers' satisfaction. ACLEDA Bank was transformed from a microfinance institution which served only credit service to the second largest bank providing a wide range of financial services.

Ms. Heather A. Clark also said that it was a story about the maturation of the field of microfinance from a small tenuous project to an institution of significance and lasting value to society. It was also a story about people, their beliefs, their dreams and their fierce commitment and determination to translate those dreams into reality despite the overwhelming odds against them and showed that an MFI working with the mainstream financial sector had more potential to support poor people and influence the financial system at the same time.