ABA Bank increases capital with investment from National Bank of Canada
Phnom Penh, Cambodia, July 24, 2014 - Following the receipt of all required regulatory approvals, Advanced Bank of Asia Ltd. ("ABA Bank") announced today the successful completion of a share subscription transaction with National Bank of Canada, which acquired newly issued shares of ABA Bank representing 9.99% of the total share capital.
The new capital injection from National Bank of Canada puts ABA Bank in a stronger position to sustain its robust growth rates, support its export-import operations and further accelerate its geographical expansion while maintaining adequate capital levels. The transaction between the two banks is unique, with National Bank of Canada being the first major financial institution from the North American continent to enter the Cambodian banking sector.
"We have continuously invested in the development of our bank to become a significant player in the Cambodian banking market”, said Askhat Azhikhanov, CEO of ABA Bank. “We are very pleased to partner with such a major financial institution as National Bank of Canada, which will certainly give us an impetus for further growth and reinforce the position of ABA Bank in Cambodia", he added.
Our participation in the capital of ABA Bank presents a great opportunity to invest in the dynamic and fast-growing Cambodian market," said Karen Leggett, Executive Vice-President, Marketing and Corporate Strategy of National Bank of Canada. "ABA’s solid organizational structure and management, its business model and governance standards along with its expertise and understanding of the local market have all contributed to our decision to make this investment."