On Feb. 23, KB Kookmin Bank held the grand opening ceremony of KB Prasac Bank in Phnom Penh, the capital city of Cambodia.
Approximately 700 individuals attended the event, including the Governor of the National Bank of Cambodia Chea Serey and the Ambassador of Cambodia to Korea Chring Botum Rangsay as well as representatives from Korean companies operating in Cambodia and employees of KB Prasac Bank.
Additionally, key executives from KB Financial Group, including Chairman Yang Jong-hee; President Lee Jae-keun of KB Kookmin Bank; Seo Young-ho, head of the Global Business Division at KB Financial Group; and Kang Nam-che, director of the Global Business Group at KB Kookmin Bank were also in attendance.
In 2009, KB Kookmin Bank made its first entry into the Cambodian market with the establishment of KB Cambodia Bank. In 2021, it acquired 100 percent ownership of Prasac Microfinance, integrating it as a wholly owned subsidiary. In July of last year, it obtained regulatory approval from the Central Bank of Cambodia for the establishment of a unified commercial bank, combining Prasac Microfinance and KB Cambodia Bank. Subsequently, it received final approval from the Cambodian Ministry of Commerce in August of the same year, officially launching KB Prasac Bank.
During the opening ceremony, Yang Jong-hee, chairman of KB Financial Group, stated, “We will strive to provide our customers with the best experience and grow together through balanced regional development and the recipe of coexistence and mutual prosperity within Cambodia.” He emphasized, “We will prioritize customers and evolve into a ‘lifelong financial partner’ of the Cambodian people by providing optimal financial services tailored to their lives.”
A KB Kookmin Bank official stated, “As the fourth-largest commercial bank in Cambodia, KB Prasac Bank plans to expand its business base leveraging its network of over 190 branches and more than 5,000 sales personnel. We will actively pursue securing low-cost deposits and expanding market share in QR payments to narrow the gap with leading banks. In the medium to long term, we aim to internalize KB’s advanced digital capabilities to lead the Cambodian financial market forward.”
To become the leading commercial bank in Cambodia, KB Prasac Bank plans to act as a bridge between its current operational base in rural areas and new target urban areas, connecting them financially. The bank intends to launch products tailored to the characteristics of each region, such as small loans for farmers and fishermen, support loans for small business owners, and middle-class housing loans.