Coca-Cola​ Cambodia​ chooses​ ABA​ as​ primary​ banking​ partner

28/06/2019

Coca-Cola​ Cambodia​ chooses​ ABA 1

ABA​ Bank,​ a​ member​ of​ the​ National​ Bank​ of​ Canada​ Group,​ announces​ today​ that​ Cambodia​ Beverage​ Company​ (“CBC”),​ the​ exclusive​ authorized​ manufacturer​ and​ distributor​ of​ the​ Coca-Cola​ brands,​ has​ chosen​ ABA​ as​ its​ primary​ banking​ partner​ in​ Cambodia.​ After​ proper​ diligence,​ CBC​ has​ identified​ ABA​ as​ the​ most​ suitable​ bank​ to​ support​ its​ business​ needs.

ABA​ Bank​ is​ ready​ to​ provide​ CBC​ with​ fully​ customized​ banking​ services​ and​ solutions​ to​ support​ the​ Company’s​ operations​ and​ business​ growth.​ Some​ of​ the​ key​ services​ ABA​ will​ provide​ to​ CBC​ include​ the​ advanced​ Internet​ Banking​ for​ Business​ (“iBanking​ for​ Business”)​ with​ capabilities​ to​ setup​ Host-to-Host​ connection​ for​ the​ effective​ and​ efficient​ cash​ collection,​ payment,​ and​ reconciliation​ within​ ABA​ eco-system​ as​ well​ as​ authorized​ payment​ service​ providers;​ the​ structured​ conventional​ collection​ service​ using​ ABA’s​ wide​ digital​ network​ and​ branches;​ the​ possibility​ to​ provide​ the​ channel​ financing​ model​ to​ create​ value​ for​ parties​ and​ stakeholders​ being​ involved​ in​ trade​ relationship​ and​ payment.

Many​ large​ corporations​ in​ the​ Fast-Moving​ Consumer​ Goods​ (FMCG)​ sector​ face​ challenges​ with​ physical​ cash​ collection​ from​ downstream​ distributors,​ wholesalers​ and​ retailers​ due​ to​ the​ cash-based​ economy​ in​ Cambodia.​ To​ address​ this​ issue,​ ABA​ will​ be​ working​ with​ CBC​ to​ implement​ digital​ collection​ using​ Virtual​ Accounts,​ over-the-counter​ service,​ Cash-in​ Machines,​ cash​ recycling​ ATMs,​ and​ other​ services.​ The​ Bank​ believes​ that​ its​ current​ infrastructure​ will​ greatly​ help​ CBC​ to​ manage​ and​ mitigate​ risks​ in​ physical​ cash​ collection,​ maximizing​ the​ use​ of​ the​ cashflow​ and​ overnight​ balance​ with​ the​ Bank.

“At​ CBC​ we​ want​ to​ stay​ ahead​ of​ the​ growing​ trends​ of​ digitalization​ and​ e-commerce​ throughout​ Cambodia​ by​ ensuring​ a​ smooth​ and​ effective​ payment​ process​ between​ CBC,​ our​ suppliers​ and​ customers​ to​ enhance​ the​ productivity​ of​ all​ our​ partners.​ Our​ new​ strategic​ partnership​ with​ ABA,​ one​ of​ Cambodia’s​ most​ innovative​ banks,​ is​ expected​ to​ provide​ us​ with​ the​ latest​ available​ technology​ in​ digital​ banking​ services​ that​ will​ advance​ the​ way​ we​ do​ business​ across​ Cambodia.​ We​ are​ delighted​ to​ enter​ this​ banking​ partnership​ with​ ABA​ and​ look​ forward​ to​ a​ successful​ future​ together,”​ said​ CBC​ Chief​ Executive​ Officer,​ Mr.​ David​ Wigglesworth.

CBC​ will​ further​ enjoy​ benefits​ from​ using​ iBanking​ for​ Business​ platform​ for​ its​ payment​ to​ vendors,​ suppliers,​ and​ stakeholders​ domestically​ and​ internationally.​ That​ includes​ payroll​ service,​ utility​ bills​ payment,​ and​ general​ transactions​ between​ bank​ accounts​ and​ e-wallet​ accounts.

CEO​ of​ ABA​ Bank,​ Mr.​ Askhat​ Azhikhanov​ said,​ “Coca-Cola​ is​ an​ international​ brand​ that​ has​ its​ business​ footprints​ across​ the​ globe.​ We​ are​ proud​ that​ CBC,​ which​ exclusively​ represents​ the​ Coca-Cola​ Company​ in​ Cambodia,​ chose​ ABA​ to​ be​ their​ main​ bank.​ With​ our​ resources​ and​ expertise​ in​ place,​ we​ will​ always​ do​ our​ best​ to​ provide​ effective​ and​ scalable​ financial​ management​ solutions.”

Equipped​ with​ solid​ infrastructure,​ reliable​ platforms,​ and​ high-quality​ resources,​ ABA​ is​ set​ to​ expand​ the​ cooperation​ and​ partnership​ with​ CBC,​ achieving​ mutual​ business​ sustainability​ and​ growth​ in​ the​ long​ term.

ABOUT​ CAMBODIA​ BEVERAGE​ COMPANY​ (COCA-COLA)
The​ Cambodia​ Beverage​ Company​ Limited​ (CBC),​ a​ leading​ nonalcoholic​ ready-to-drink​ player​ in​ the​ Kingdom​ of​ Cambodia​ and​ a​ 100%​ owned​ subsidiary​ of​ the​ Bottling​ Investments​ Group​ (BIG)​ which​ is​ a​ 100%​ owned​ subsidiary​ of​ The​ Coca-Cola​ Company,​ is​ the​ exclusive​ authorized​ manufacturer​ and​ distributor​ of​ The​ Coca-Cola​ Company​ and​ Monster​ Energy​ Company​ products​ in​ Cambodia.

CBC​ is​ The​ Coca-Cola​ Company’s​ newest​ plant​ in​ the​ Asia​ region.​ Situated​ within​ the​ Phnom​ Penh​ Special​ Economic​ Zone,​ the​ facility​ sits​ on​ 12.5​ hectares,​ and​ is​ 10​ times​ larger​ than​ the​ previous​ site.

The​ new​ plant​ significantly​ increases​ CBC’s​ capacity​ to​ meet​ the​ current​ and​ future​ demand​ from​ local​ customers​ and​ consumers.

ABOUT​ ABA​ BANK
ABA​ Bank​ is​ one​ of​ Cambodia’s​ leading​ banking​ institutions​ founded​ in​ 1996.​ Today,​ ABA​ offers​ the​ full​ spectrum​ of​ modern​ financial​ services​ and​ digital​ banking​ solutions​ to​ customer​ segments​ covering​ SMEs,​ microbusinesses,​ and​ individuals.​

As​ at​ May​ 31,​ 2019,​ ABA​ Bank’s​ total​ assets​ equaled​ to​ US$3.36​ billion,​ making​ it​ the​ third​ largest​ bank​ in​ Cambodia.​ In​ 2017,​ ABA​ Bank​ received​ the​ issuer​ credit​ rating​ ‘B’​ from​ Standard​ &​ Poor’s​ (S&P)​ Global​ Ratings.​ In​ 2018,​ S&P​ reaffirmed​ the​ credit​ rating​ with​ “Positive”​ outlook.

ABA​ Bank​ was​ named​ “Best​ Bank​ in​ Cambodia”​ for​ 2015-2019​ by​ major​ publications​ including​ The​ Banker,​ Euromoney,​ and​ Global​ Finance​ magazines.

The​ major​ shareholder​ of​ ABA​ Bank​ is​ National​ Bank​ of​ Canada​ (www.nbc.ca),​ the​ sixth​ largest​ bank​ in​ Canada​ and​ the​ leading​ bank​ in​ Quebec​ where​ it​ is​ the​ partner​ of​ choice​ among​ SMEs.