Malaysian bank CIMB has being granted a
licence to fully operate a 100% owned subsidiary in Cambodia,
providing retail banking products and services.

However CIMB told PBI it could not
comment on when it would be able to offer private banking services
in Cambodia.

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CIMB private banking services in Southeast
Asia are currently only available in Malaysia, Thailand and
Indonesia.

CIMB faces strong competition from well
established banks in Cambodia with an estimated 22 banks competing
in the country’s private banking sector, including Standard
Chartered, Credit Agricole and Maybank.

In October CIMB beat out Bank Mandiri and
Kasikornbank to win the 2010 PBI award for ‘Outstanding wealth
management service for the affluent’. In the year to May 2010 it
has increased its assets under management by 50%.

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