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MEF Selects ACLEDA Bank Plc. to be Partner
of General Department of National Treasury in Providing Service for National Revenue and Expenditure Transactions

June 22, 2009

Signing an MOU between ACLEDA Bank and General Department of National Treasury

Phnom Penh — June 22, 2009 — The Ministry of Economy and Finance has announced today that it has signed a Memorandum of Understanding between Ministry of Economy and Finance and ACLEDA Bank Plc under a pilot scheme to use commercial banking services for its national revenue and expenditure transactions, presided over by H.E. Keat Chhon, Deputy Prime Minister, Minister of Ministry of Economy and Finance.

The Public Financial Management Reform Program is a vital element in the core of the government's rectangular strategies which aim to establish a public financial management system towards international standard. Currently, the government of Cambodia is implementing the second step action plans of the Public Financial Management Reform Program in order to make public financial management accountability more effective, especially in relation to national revenues and expenditures management.

H.E. Dr. Aun Porn Moniroth, Minister attached to Prime Minister, Secretary of State of Ministry of Economy and Finance, and Chairman of Steering Committee on Public Financial Reform Program, said that "the Ministry of Economy and Finance has selected ACLEDA Bank Plc as its partner in providing banking services for national revenue and expenditure transactions in the pilot scheme in two provinces Kandal and Bantey Meanchey". He added that "ACLEDA Bank has been chosen to be the partner for the Ministry of Economy and Finance because ACLEDA Bank has a wide branch network connected by modern telecommunications systems, is well established in the country, and is highly experienced in the types of transaction activities. Once the pilot scheme is successful, thus we will extend the use of commercial banking services to other provinces, and then it could be implemented across the country. Using the commercial banking system to manage its national revenue and expenditure transactions is designed to enhance financial accountability and increase effective management in public finance especially related to national revenues and expenditures which are key factors in strengthening Treasury Single Accounting and effective cash management.

President and CEO of ACLEDA Bank Plc., Mr. In Channy, said that "it is a big step of improvement the public financial management reform of the Royal Government of Cambodia. ACLEDA Bank Plc. has wide experience, good governance, sufficient human and strong financial resources, the best risk management system, and it was rated as stable by the international rating institutes. Moreover, it ensured the bank and customer cash protection and it also has a call center that provides services for 24 hours in 24 hours, 7 days per week in solving the problem for all customers. All of these show the high commitment of the bank in servicing, protecting and safe guarding customer assets."

For more information contact:

H.E. Hiv Sovann, Deputy Director General
General Department of National Treasury

Dr. Vong Bunintreavuth, Deputy Director General
General Department of National Treasury

Mr. Meas Bunthon, Deputy Director General
General Department of National Treasury
E-mail:

Mrs. So Phonnary, EVP & Chief of Operations Officer
ACLEDA Bank Plc.
E-mail:

Mr. Prom Visoth, SVP & Head of Legal Division and Company Secretary
ACLEDA Bank Plc.
E-mail: