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navigate_nextMedianavigate_nextOur Newsnavigate_nextGrand Opening of Our Headquarters New Building
Grand Opening of the New Building of ACLEDA Bank's Headquarters
May 18, 2007
ACLEDA Bank Plc.'s new headquarters, addressed #61, Preah Monivong Blvd., Sangkat Srah Chork, Khan Daun Penh, Phnom Penh, Kingdom of Cambodia was inaugurated on May 18, 2007 under the presidency of H.E. Sr. Minister Keat Chhon, Minister of Economy and Finance; H.E. Chea Chanto, Governor of the National Bank of Cambodia, and His Excellencies, ambassadors and representatives of embassies, and distinguished local and international guests.
Mr. In Channy, President & CEO of ACLEDA Bank Plc. gave a short speech to the distinguished guests; he briefed the guests a little about ACLEDA. "We were founded in January 1993 as a Local Non-Governmental Organisation1(NGO) and transformed into a Specialised Bank in October 2000. In December 2003, we received a license from the National Bank of Cambodia to become a full-fledged Commercial Bank, increasing our capital from US$4 million to US$13 million. To support our continuing rapid growth, in November last year we raised an additional US$17 million by way of a fully subscribed rights issue to our existing shareholders to lift our capital." Mr. In Channy also thanks ACLEDA's shareholders IFC, DEG, Triodos Doen, Triodos Fair Share Fund, ACLEDA NGO, and ASA Inc. for commitment and support to ACLEDA Bank Plc's continual development.
He also highlighted some of the significant milestones in the development as a Commercial Bank:
- From our origins in microcredit we have expanded into providing a wide range of financial services to all segments of the community including micro, small and medium enterprises and corporate customers.
- We have from the beginning actively promoted financial transparency in the banking sector by publishing detailed quarterly and annual financial reports in the local and foreign media and through our website. Our Annual Report is widely recognised as being the standard against which others are judged.
- In 2004, ACLEDA pioneered international credit ratings in Cambodia by receiving a Bank Financial Strength Rating of 'D' from Moody's Investors Service, one of the highest for any domestic bank in Asian emerging markets.
- This commitment to good governance and international best practice earned ACLEDA:
- The best partner of the year award from Triodos-Doen at their 10th anniversary ceremony held in the Netherlands in June 2004.
- A Certificate of Excellence for outstanding performance and exceptional commitment for straight-through processing of payment and cash management from the Hong Kong and Shanghai Banking Corporation (every year) and in 2007 one from Standard Chartered Bank.
- Received the Client Leadership Award for good corporate governance, community involvement, environmental and social sustainability and commercial success, from IFC in September 2005.
- Received the Financial Transparency Award from CGAP of the World Bank in June 2006.
- Became a member of VISA, the international card payment organisation in June 2006 to enhance our expanding ATM and point-of-sale network.
- Received the first indefinite license from the National Bank of Cambodia in late 2006 in recognition of the bank's full compliance with the banking laws and regulations.
- The first bank in Cambodia to take out Bankers Blanket Bond insurance, Electronic and Computer Crime insurance, and Directors and Officers Liabilities and Company Reimbursement insurance on the international insurance market to protect customers' assets.
- Became a member of the International Finance Corporation's Global Trade Finance Program in February 2007.
Mr. In Channy continued "ACLEDA Bank has completed its new Headquarters using our own funds of over US$6 million on the construction alone. We commissioned this building to reflect the very latest in international bank design. The six floor high atrium in the banking hall is both energy efficient and provides a light and spacious working environment affording 6,800m2 of working space including the banking hall with a public area of over 500m2. Special consideration has been given to security, fire protection, energy conservation and occupational health and safety."
From today forward ACLEDA Bank's new ATM services are available to the public through the "ACLEDA Card". Initially 20 ATMs have been developed at ACLEDA branches with 11 ATMs in Phnom Penh and another 9 in provinces and will continue expanding the network by installing more ATMs at our branches to provide service to customers and public 24 hours a day, 7 days a week.
H.E. Chea Chanto, Governor of the National Bank of Cambodia, said "The new headquarters has been built in a period which has seen our national economy developed with growth beyond estimated projections in recent years. The advancement of ACLEDA Bank Plc defines not only her development and strong management but also her contribution in developing Cambodia's banking and financial sector with efficiency, thereby creating further public confidence in our banking sector. I have not forgotten that at its beginning in 1993, ACLEDA started as a Non-Governmental Organisation with a specialisation in microfinance in 1993. Then, in 1998, it transformed itself into a licensed microfinance institution. In 2000, it further transformed into a specialised bank. Eventually, ACLEDA satisfied the legal conditions to become a commercial bank in 2003. The above mentioned evolutionary steps have conveyed strong messages to investors that during its 14 years of existence, ACLEDA has been well developed in terms of its operations, infrastructure, and business effectiveness and efficiency. On behalf of the National Bank of Cambodia, I would like to express my sincerest and heartfelt congratulations for the great efforts of the senior management of ACLEDA Bank Plc. and I would also like to commend ACLEDA's achievements and her expansion of branch operations and infrastructure to the remote provinces. ACLEDA's progress is a mirror reflecting its contributions to banking financial sector development in line with the Royal Government's Rectangle Strategies."
H.E. Sr. Minister Keat Chhon, Minister of Economy and Finance, said "I would like to congratulate the Shareholders, the Board of Directors, Management and Staff of the ACLEDA Bank Plc. for their efforts, expanded banking services and constructed this new modern great and strong building with international security standards. This building and its location have more spacious and good working environment to serve its clients, improve its corporate image and build up more trust and confidence to its internal and external clients and public. ACLEDA Bank Plc, has participated in the development of the financial sector in the Kingdom of Cambodia with attracting the local and international investors in mobilizing the savings and deposits, providing credits and other financial services to the businessmen, traders, investors and people, especially expanded its operation through its 164 branches and offices in the 24 province-town and others. These activities have more contributed the development of the banking service in the rural areas that is the objective of the Royal Government in the poverty alleviation in according with the rectangular strategy of the Royal Government."
He continued "With the great effort of the Royal Government's reform in financial sector, I would like ACLEDA Bank Plc (1) play a leading role in decreasing interest rate of microfinance as well as to expand its large services of microfinance in order to take part with the Royal Government in reducing poverty and (2) enhance to expand its services for small and medium enterprise to promote more rice market toward increasing local rice millers activity to gain value added and create more jobs for people."
