ABA Bank receives second capital investment from National Bank of Canada
Phnom Penh, Cambodia – In accordance with prior arrangements and following the receipt of the required regulatory approvals, Advanced Bank of Asia Ltd. ("ABA Bank") is pleased to announce a successful completion of the two-part transaction of the acquisition of its shares by National Bank of Canada. Following the initial acquisition of a 9.99% stake announced in July, National Bank of Canada has now increased its shareholding in ABA Bank to 30%.
Commenting on the details of the transaction, Askhat Azhikhanov, CEO of ABA Bank, stated "With the completion of the second part of the transaction we are moving to a new level of cooperation with National Bank of Canada. We expect to gain a new momentum in ABA's growth and development. The investment from and cooperation with National Bank of Canada will allow ABA Bank to sustain its robust growth rates and to further boost its geographical expansion while maintaining adequate capital levels. Furthermore, the arrival of such a reputable investor in the banking system of Cambodia indicates a strong confidence in the potential of the country and its financial system”.
“National Bank of Canada is proud to have concluded the second part of its transaction with ABA Bank,” said Karen Leggett, Executive Vice-President – Marketing and Corporate Strategy at National Bank of Canada. “ABA Bank is a solid institution that has carved out an enviable position for itself in Cambodia’s banking industry, making it an ideal partner. We are looking forward to being a part of ABA Bank’s future.”