ABA Bank celebrates the partnership with National Bank of Canada
Phnom Penh, September 16, 2014 – On the occasion of completion of acquisition of the share in its share capital by National Bank of Canada, ABA Bank organized the official reception in Sofitel Phnom Penh Phokeethra Hotel on Monday, September 15, 2014. Around 200 high-ranked guests including officials from National Bank of Cambodia, local and foreign businesspersons, partners and clients attended the reception. During the event, the officials from both banking institutions made the announcement on completion of acquisition of 30% in the share capital of ABA. The event culminated in handle of the share certificate to Ms. Karen Leggett, Executive Vice-President of National Bank of Canada followed by gala dinner.
In his official speech Mr. Askhat Azhikhanov, CEO of ABA Bank in particular stated, "We are delighted that our successes have been recognized by the colleagues from National Bank of Canada, while considering to invest in the dynamic and fast-growing Cambodian market. With this investment, we expect to gain a new momentum in ABA's growth and development. The cooperation with National Bank of Canada allows ABA Bank to sustain its robust growth rates, continue the geographical expansion and maintain adequate capital levels.”
In turn, Ms. Karen Leggett, Executive Vice-President of National Bank of Canada said via a statement, “This transaction is all the more meaningful for National Bank of Canada as it allows us to become the first major North American financial institution to enter the Cambodian banking sector.”
The ceremony was graced by the presence of Her Excellency Madame Neav Chanthana, Deputy Governor of National Bank of Cambodia as the official representative of the main regulatory body in Cambodian banking sector. In her speech during the ceremony, H.E. Madame Neav Chanthana emphasized, “We, the National Bank of Cambodia, would like to express our congratulations to National Bank of Canada for its decisive investment in ABA Bank. This cooperation of the local bank, ABA Bank, with such a reputable investor as National Bank of Canada reflects trust and confidence in the potential of the country and its financial system.”
Earlier, in July this year ABA Bank released public announcement on closing the first transaction in frames of the initial agreement. According to that transaction, National Bank of Canada became the owner of 9.99% of ABA’s share capital. The second and final transaction was closed on 8th September 2014, increasing the share of National Bank of Canada to 30% in the share capital of ABA Bank.