ABA receives second “Best Bank in Cambodia” award from Global Finance magazine
ABA Bank has been named the “Best Bank in Cambodia 2016” by the international financial publication Global Finance.
The top honor – the second consecutive award given to the bank by the magazine – was bestowed on ABA for the straightforward implementation of its strategy, strong operating results, as well as continuous improvement of its service quality.
In choosing the best bank in Cambodia, Global Finance considered a wide range of quantitative factors including growth in assets, profitability, strategic relationships, customer service, competitive pricing and innovative products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.
Askhat Azhikhanov, the Chief Executive Officer of ABA Bank, said: “We are honored to be named the Best Bank in Cambodia 2016 by authoritative Global Finance magazine for the second time in the row. This recognition proofs the success of the business model that ABA Bank set up earlier. In 2015, we managed to double our net profit up to USD 15.98 million from just 7.5 million in 2014. Our teamwork has helped us to successfully launch a number of new products, improve quality of our service, and introduce a new level of digital banking services in Cambodia.”
Joseph Giarraputo, Publisher and Editorial Director of Global Finance magazine commented, “Cambodia grew by around 7% last year and is likely to do the same in 2016, according to World Bank estimates. ABA Bank capitalized on this growth last year to more than double its net profit. To keep up that momentum, the bank is expanding online services, adding new branches to its network of 33, and offering innovative products such as its cardless ATM withdrawal, which will facilitate remittance transactions. ABA boosted its capital base with help from the National Bank of Canada, which owns a stake in the bank, and sought out other international partnerships with China-based Union Pay, among others."
Last year was a milestone year for ABA. The bank confirmed its strategy and streamlined its businesses to offer cutting-edge services including the full-scale mobile app, cardless cash withdrawal service, as well as tailor-made loan products for micro-, small and medium enterprises (MSMEs) and corporate and private banking.
A full report on the Global Finance Best Bank selections will appear in the May issue of the magazine and online at GFMag.com. The winners, including ABA, will also be honored at the Awards Ceremony, which will be held on October 8th during the IMF/World Bank meetings in Washington, DC.