KB Kookmin Bank expands reach with launch of KB Prasac Bank in Cambodia

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KB Kookmin Bank has unveiled its latest venture in Cambodia with the launch of KB Prasac Bank. The new unit aims to deeply penetrate the market by offering specialized loan programs for small merchants and advanced digital banking services.

The inauguration ceremony for KB Prasac Bank took place in Phnom Penh, drawing more than 700 attendees, including top executives from KB Financial Group and KB Kookmin Bank, as well as key figures from the National Bank of Cambodia and the Cambodian Ambassador to Korea.

During the event, Yang Jong-hee, Chairman of KB Financial Group, expressed the bank’s commitment to becoming Cambodia’s “lifetime financial partner” by prioritizing customer needs and offering tailored financial services to support their life goals.

The establishment of KB Prasac Bank is the result of a merger between two of KB’s affiliates, Prasac Microfinance Institution and Kookmin Bank Cambodia, which was approved by local authorities last August. This move represents KB Kookmin Bank’s ongoing efforts to strengthen its presence in Cambodia, following the launch of its affiliate, KB Cambodia Bank, in 2009 and the acquisition of Prasac Microfinance Institution in 2021.

With a network of 190 sales outlets and over 5,000 sales representatives, KB Prasac Bank aims to solidify its position as the fourth-largest commercial bank in Cambodia. The bank plans to achieve this by focusing on securing low-cost funding, expanding its market share in QR-code-based payments, and enhancing its digital capabilities in the long run.

Overall, KB Kookmin Bank’s expansion into Cambodia through KB Prasac Bank signifies its strategic commitment to supporting the financial growth and development of the Cambodian market, while also leveraging its expertise and resources to benefit local businesses and individuals.

(Source: Business Korea | Korea Herald)

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