National Bank of Canada acquires the remaining 10% stake in ABA Bank
04/Oct/2019
Advanced Bank of Asia Limited (ABA Bank) announces today that National Bank of Canada has acquired the remaining 10% stake in ABA Bank. As result of this additional investment, National Bank of Canada increased its ownership in ABA to 100%.
Askhat Azhikhanov, Chief Executive Officer of ABA Bank commented on the occasion, “The final transaction from National Bank of Canada clearly displays its highest level of confidence in ABA Bank and in the Cambodian banking market. Since the initial capital injection in 2014, ABA’s market share has grown substantially, reaching around 10% for loans and deposits. The Bank now is the third largest financial institution in the country, and we are excited to continue our journey by boosting ABA’s geographical expansion and introducing best-in-class products and services to our valued customers.”
"National Bank of Canada is proud of ABA Bank's success. This financial institution is well established in its market and plays a key role in the country's social and economic development," said Louis Vachon, President and Chief Executive Officer of National Bank of Canada. "ABA Bank is growing rapidly and contributes to making banking services even more accessible. Its business model, focused mainly on banking services for individuals and small businesses, has promising future prospects," he added.
National Bank of Canada became a shareholder of ABA Bank in 2014 by acquiring a 10% share. It increased its stake to 42% in 2015 and to 90% in 2016.
As of 30 September 2019, the total assets of ABA Bank are US$ 4.1 billion. The Bank serves more than 650,000 customers through the extensive network of 70 branches, 550+ self-banking spots, and advanced online banking and mobile banking platforms.
About National Bank of Canada
With around US$ 207 billion in assets as at July 31, 2019, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Clients in the United States, Europe and other parts of the world are served through a network of representative offices, subsidiaries and partnerships. For more info on National Bank of Canada, please visit www.nbc.ca.
