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ACLEDA Bank Plc Joins Global Trade Finance Program

February 01, 2007

ACLEDA Bank Plc, Cambodia’s leading commercial bank for small/medium enterprises is the first Cambodian financial institution to join the International Finance Corporation's ('IFC') Global Trade Finance Program.

On February 01, 2007, the bank signed an agreement with IFC to facilitate ACLEDA's trade finance operations world-wide. This program supports trade with emerging markets by facilitating the financing of flows of goods and services to and from other countries around the globe. Under the arrangement IFC will provide guarantees to cover all trade instruments issued by ACLEDA, allowing the bank to extend its trade finance services more widely within the business community and offer its customers access to international trade opportunities through its extensive network of 637 correspondents throughout the world.

The bank’s Chairman, Mr. Chea Sok, a former central banker and economist, said, "ACLEDA Bank is taking a leading role in encouraging direct trade to promote the 'made in Cambodia' brand and reduce the dependence on 'third-country' middlemen. The bank has recently financed some large commodity exports to China from provincial suppliers and is building an appreciable business in exports of manufactured goods to Europe and the Americas."

Mr. In Channy, President and CEO, added, “This agreement is the latest in a long history of cooperation between ACLEDA Bank and IFC, although this is the first to focus specifically on trade finance, and we are particularly proud to be their first partner bank in Cambodia to participate in the Global Trade Finance Program. It will stimulate our business allowing us to reach out to more potential customers, facilitate Cambodia's external trade growth, open doors to new international trade relations and establish ACLEDA Bank's name at the forefront in the IFC Global Trade Finance partnership list for the region. The growth of our trade finance business from nothing three years ago is astonishing and vindicates our belief in the untapped demand for such services amongst Cambodia's emerging entrepreneurs.”

“Promoting trade finance and especially South-South trade finance across emerging markets is one of IFC’s strategic priorities,” said Richard Ranken, IFC’s Director for East Asia and Pacific. “ACLEDA’s participation in the Global Trade Finance Program will provide a boost to trade and investment in Cambodia.”

About ACLEDA Bank Plc.

ACLEDA Bank Plc is Cambodia’s leading retail and medium enterprise commercial bank operating through a network of 160 offices with 3,214 employees throughout the country. Today the bank offers a full range of commercial and retail banking services to its customers from 'family businesses' to medium scale enterprises and larger. To support its growing international money transfer and trade finance business it has developed a strong network of global correspondents with some of the most prestigious names in international banking. ACLEDA's commitment to financial transparency and best practice in corporate governance has won it many awards including the IFC's Client Leadership and the CGAP Financial Transparency Awards for 2005. The bank is the first Cambodian Bank to be rated by an international credit rating agency, Moody's Investors Service, and the first to obtain Bankers Blanket Bond coverage on the international insurance market.

About IFC

IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than USD56 billion in funding for private sector investments and mobilized an additional USD25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than USD1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit www.ifc.org.

For more information contact:

Mrs. So Phonnary, Senior Vice President & Head of Marketing Division
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Mr. Prom Visoth, Senior Vice President & Head of Legal Division
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