National​ Bank​ of​ Canada​ acquires​ the​ remaining​ 10%​ stake​ in​ ABA​ Bank

04/10/2019

National​ Bank​ of​ Canada 1

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.