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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

Signing a Memorandum of Understanding between ACLEDA Bank and General Department of National Treasury

October 15, 2010

Phnom Penh — October 15, 2010 — The Ministry of Economy and Finance has announced today that it has signed a Memorandum of Understanding with ACLEDA Bank under a pilot scheme to use commercial banking services for its national revenue and expenditure transactions, under the presidency of H.E Deputy Prime Minister Keat Chhon, Minister of Ministry of Economy and Finance.

The Public Financial Management Reform Program is a vital element at the core of the government's rectangular strategy which aims to establish a public financial management system meeting international standards. Currently the government of Cambodia is implementing the second step in the action plan of the Public Financial Management Reform Program in order to make public financial management accountability more effective, especially in relation to national revenue and expenditure management.

H.E Dr. Aun Porn Moniroth, Minister attached to the Prime Minister, Secretary of State of Ministry of Economy and Finance, and Chairman of Steering Committee on the Public Financial Reform Program, said that "it is the second pilot scheme that the Ministry of Economy and Finance has selected ACLEDA Bank as its partner to provide banking services for national revenue and expenditure transactions and adds another six provinces, Kampong Cham, Mondulkiri, Stung Treng, Preah Vihear, Koh Kong and Otdar Meanchey in addition to the Kandal and Banteay Meanchey which were awarded to ACLEDA in the first pilot." He added that "ACLEDA Bank has been chosen by the Ministry of Economy and Finance because of its nationwide branch network and its modern electronic and telecommunication banking systems. It is well established in the country, and is highly experienced in all types of transaction activities as is demonstrated by implementing the first pilot scheme successfully for Kandal and Banteay Meanchey provinces. The government has been satisfied with the financial services provided by ACLEDA Bank, and it deserves to be selected to service additional 6 provinces! Using the commercial banking system to manage 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.

Mr. In Channy, President & CEO of ACLEDA Bank, welcomes and shows the commitment to ongoing cooperation and being the best partner with the Ministry of Economy and Finance

President and CEO of ACLEDA Bank, Mr. In Channy, said that "it is a big step towards implementing the public financial management reform of the Royal Government of Cambodia. I believe that the key factors in our winning this mandate were that ACLEDA Bank has wide experience, good governance, strong human and financial resources, superior risk management systems and the stable rating by the international rating institutes. Moreover, our bank is exceptional in the measures it takes to protect the assets entrusted to it, for example through Bankers' Blanket Bond insurance. It operates a call center that is manned 24 hours a day 7 days a week to solve problems for all customers all the time. This shows our high commitment to servicing, protecting and safe guarding customer assets."

"It is a great honor for us that the Ministry of Economy and Finance has once again chosen ACLEDA Bank to provide banking services for national revenue and expenditure transactions in eight provinces among the eleven provinces of the pilot scheme which cover 1/3 of the Kingdom of Cambodia. ACLEDA Bank will offer its fullest cooperation and endeavour to be the best partner with the Ministry of Economy and Finance and other government institutions in providing the leading banking services in the Kingdom of Cambodia." Mr. In Channy added.

About ACLEDA Bank

ACLEDA Bank currently is the leading Cambodian bank with the largest branch and office network. It has over 17 year's presence in domestic financial services. As at the end of September, 2010, the value of the loan portfolio reached US$672 million with 266,023 borrowing customers. The total savings and deposits was US$858 million with 681,351 accounts. Its total assets have exceeded US$1,116 million and employed 7,480 staffs in Cambodia and Lao PDR.

The Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels. ACLEDA is a leading player in the retail banking market and services its large customer base through a network of 248 offices with 116 ATMs in Cambodia and Lao PDR and the new mobile banking service "Unity", A virtual 'bank in your pocket' — it provides a convenient and secure way to manage all daily banking transactions any day, anytime, anywhere in 24/7 and 24 hours call center to ensure that customers have access to its services at all times.

For more information contact:

General Department of National Treasury

• H.E. Hiv Sovann, Deputy Director General
• Dr. Vong Bunintreavuth, Deputy Director General
• Mr. Meas Bunthon, Deputy Director General
  E-mail:

ACLEDA Bank Plc.

• Mrs. So Phonnary, EVP & Chief of Operations Officer
  E-mail:
• Mr. Prom Visoth, SVP & Head of Legal Division and Company Secretary
  E-mail:
• Mr. Ly Thay, SVP & Head of Operation Division
  E-mail: