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Daegu Bank’s special banking unit starts business in Cambodia

Collected: 2018.02.08

Distributed: 2018.02.09

Source: Go Direct

Cambodia’s Cam Capital Specialized Bank [Photo by Daegu Bank Ltd.]

Daegu Bank Ltd.’s specialized banking unit in Cambodia has resumed business under a new name after the South Korean provincial bank successfully completed the acquisition process of Cambodia’s Cam Capital Specialized Bank.

Daegu Bank said on Tuesday it finished all required administrative procedure for the business of Cam Capital Specialized Bank that it acquired a 100 percent stake in October. It changed the name of its first overseas entity into DGB Specialized Bank.

Cam Capital Specialized Bank, now DGB Specialized Bank, was founded in 2009 and it has five branches with 300 employees in Phnom Penh.

Cambodia is the third overseas market into which Daegu Bank has made inroads. It opened its banking branch in Shanghai, China in 2012 for the first time as a Korean provincial bank, and it is preparing to open a bank branch in Ho Chi Minh, Vietnam.

The company expected DGB Specialized Bank in Cambodia would serve as a gateway to other markets in Southeast Asia.

By Chung Joo-won and Lee Ha-yeon

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