ACLEDA Bank
Encyclopedia
ACLEDA Bank is a privately owned bank based in Phnom Penh
, Cambodia
with 232 branches nationwide, the most in Cambodia, and 7,024 staff members across all provinces and towns in the Kingdom of Cambodia and five provinces in Laos. ACLEDA has more than $900 million in total assets and ranks number one in deposits at over $670 million, with over $530 million in loans outstanding.
institution (MFI) for micro and small enterprise development and credit. By 1998, the MFI was operating at a profit ensuring its sustainability, which led both its board and international partners to conclude it should be transformed into a commercial bank. With assistance from USAID, MPDF, IFC and UNDP, amongst others, a three year program for transformation to a commercial bank commenced in 1998. This transformation resulted in the bank receiving a Specialised Bank license on October 7, 2000 and then on December 1, 2003 ACLEDA Bank Ltd received a full Commercial Bank license and changed its name to ACLEDA Bank Plc. In 2004, ACLEDA Bank Plc. was assigned first-time ratings by Moody's Investors Services, the first bank in Cambodia to receive an international credit rating, and in December 2007 it also received first-time ratings by Standard & Poor's Corporation. On February 1, 2007, ACLEDA Bank Plc. joined the International Finance Corporation
's Global Trade Finance Program, providing the bank with guarantees over their trade obligations and allowing ACLEDA to extend its trade finance service offerings. In 2008, ACLEDA Bank Lao Limited opened with 3 branches in Laos.
Current shareholders include: ACLEDA NGO = 32%, ACLEDA Staff Association Plc (ASA) = 19%, DEG German Investment Corporation
= 12.25%,
Jardine Matheson = 12.25%, IFC = 12.25%, Triodos Doen = 6.14%, Triodos Fair Share Fund = 6.11%,
In February 2010, ACLEDA Staff Association Plc. (ASA) announced the sale of 7.7% of ASA's issued shares to an investment syndicate led by Leopard Capital's Leopard Cambodia Fund, making it an indirect shareholder in ACLEDA Bank.
, Cambodia Public Bank, Canadia Bank
, Maybank
Phnom Penh, and Vattanac Bank
.
. Moody's
Investors Services issued ACLEDA a B1 rating with a stable outlook in June 2009.
, especially women selling commodities such as rice, a market expected to experience significant expansion in coming years. The World Bank’s International Finance Corporation awarded ACLEDA the Client Leadership Award, “in recognition of the Bank’s leadership in corporate governance, community involvement, environmental and social sustainability, and its commercial success”.
Phnom Penh
Phnom Penh is the capital and largest city of Cambodia. Located on the banks of the Mekong River, Phnom Penh has been the national capital since the French colonized Cambodia, and has grown to become the nation's center of economic and industrial activities, as well as the center of security,...
, Cambodia
Cambodia
Cambodia , officially known as the Kingdom of Cambodia, is a country located in the southern portion of the Indochina Peninsula in Southeast Asia...
with 232 branches nationwide, the most in Cambodia, and 7,024 staff members across all provinces and towns in the Kingdom of Cambodia and five provinces in Laos. ACLEDA has more than $900 million in total assets and ranks number one in deposits at over $670 million, with over $530 million in loans outstanding.
History
ACLEDA was established in January 1993, as a microfinanceMicrofinance
Microfinance is the provision of financial services to low-income clients or solidarity lending groups including consumers and the self-employed, who traditionally lack access to banking and related services....
institution (MFI) for micro and small enterprise development and credit. By 1998, the MFI was operating at a profit ensuring its sustainability, which led both its board and international partners to conclude it should be transformed into a commercial bank. With assistance from USAID, MPDF, IFC and UNDP, amongst others, a three year program for transformation to a commercial bank commenced in 1998. This transformation resulted in the bank receiving a Specialised Bank license on October 7, 2000 and then on December 1, 2003 ACLEDA Bank Ltd received a full Commercial Bank license and changed its name to ACLEDA Bank Plc. In 2004, ACLEDA Bank Plc. was assigned first-time ratings by Moody's Investors Services, the first bank in Cambodia to receive an international credit rating, and in December 2007 it also received first-time ratings by Standard & Poor's Corporation. On February 1, 2007, ACLEDA Bank Plc. joined the International Finance Corporation
International Finance Corporation
The International Finance Corporation promotes sustainable private sector investment in developing countries.IFC is a member of the World Bank Group and is headquartered in Washington, D.C., United States....
's Global Trade Finance Program, providing the bank with guarantees over their trade obligations and allowing ACLEDA to extend its trade finance service offerings. In 2008, ACLEDA Bank Lao Limited opened with 3 branches in Laos.
Ownership
In accordance with Licence N° 01/BIS issued by the NBC on December 1, 2003 and Approval N° 052 issued on January 12, 2004 by the Ministry of Commerce, the Bank increased its total registered share capital from US$4,000,000 to US$13,000,000. Issued share capital was subsequently increased in 2006 to US$30,000,000 and in 2009 to US$68,150,000.Current shareholders include: ACLEDA NGO = 32%, ACLEDA Staff Association Plc (ASA) = 19%, DEG German Investment Corporation
German Investment Corporation
Deutsche Investitions- und Entwicklungsgesellschaft translates into German Investment Corporation. DEG is a member of KfW Bank Group , an arm of the government of the Federal Republic of Germany....
= 12.25%,
Jardine Matheson = 12.25%, IFC = 12.25%, Triodos Doen = 6.14%, Triodos Fair Share Fund = 6.11%,
In February 2010, ACLEDA Staff Association Plc. (ASA) announced the sale of 7.7% of ASA's issued shares to an investment syndicate led by Leopard Capital's Leopard Cambodia Fund, making it an indirect shareholder in ACLEDA Bank.
Competition
ACLEDA Bank's main competitors are ANZ Royal BankANZ Royal Bank
ANZ Royal is a bank in Cambodia with 23 branches that provides internet banking and a network of Automated Teller Machines at 101 locations both at branches and off-site. It also offers an "institutional team to assist multinational businesses operating in Cambodia"...
, Cambodia Public Bank, Canadia Bank
Canadia Bank
Canadia Bank is one of the largest local banks in Cambodia. The bank was established in 1991 and became privatized in 1998. It has 25 branches across the country.-History:...
, Maybank
Maybank
Maybank , a trade name for Malayan Banking Berhad is the largest bank and financial group in Malaysia, with significant banking operations in Singapore, Indonesia and the Philippines. The bank also has large interests in Islamic banking through Maybank Islamic Berhad and insurance via its Etiqa...
Phnom Penh, and Vattanac Bank
Vattanac Bank
Vattanac Bank is a retail and commercial bank of Cambodia. It was founded in 2002 and is based in Phnom Penh. Branch offices are located in Phnom Penh and Siem Reap....
.
Rating
ACLEDA was issued a Counterparty Credit Rating in November 2008 of B+/B with a stable outlook by Standard & Poor'sStandard & Poor's
Standard & Poor's is a United States-based financial services company. It is a division of The McGraw-Hill Companies that publishes financial research and analysis on stocks and bonds. It is well known for its stock-market indices, the US-based S&P 500, the Australian S&P/ASX 200, the Canadian...
. Moody's
Moody's
Moody's Corporation is the holding company for Moody's Analytics and Moody's Investors Service, a credit rating agency which performs international financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized...
Investors Services issued ACLEDA a B1 rating with a stable outlook in June 2009.
Corporate Social Responsibility
A noteworthy volume of the Bank's loans go to local entrepreneursSME
SME may stand for:*Small and medium enterprises, a synonym for Small and Medium-sized Business *Subject matter expert, a work role description...
, especially women selling commodities such as rice, a market expected to experience significant expansion in coming years. The World Bank’s International Finance Corporation awarded ACLEDA the Client Leadership Award, “in recognition of the Bank’s leadership in corporate governance, community involvement, environmental and social sustainability, and its commercial success”.
External links
- ACLEDA Bank website
- ACLEDA Bank of Cambodia - Interviews - Photos of Cambodia - Destinations in Cambodia What's new in Cambodia? Information before going to Cambodia.