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The continued implementation of our long-term strategy—our utmost attention on customer satisfaction, innovation and strength—has ensured that the Chief Bank performed well during 2017 financial year. The bank goes on to manage for the long run, putting customers first and investing for the future, to ensure our resilience, strength, success, and strong performance for year 2018 and years to come. It is the year to execute our on-going upgrading plan from a specialized bank into a commercial bank. Our achievements during the year are made possible through the concerted efforts of staff and management who have demonstrated the strong dedication and commitment, through guidance by the Bank’s clearly-defined vision and mission, and by the effective strategic leadership and oversight of the Bank’s Board of Directors. Thanks to the success of Chief (Cambodia) operations over the past years, Chief (Cambodia) Bank had received an approval-in-principle letter from the National Bank of Cambodia, allowing Chief Cambodia to meet the necessary contents, in order to convert into a commercial bank business. Chief (Cambodia) Specialized Bank Plc. is attentively being managed to meet all of the requirements from the National Bank of Cambodia, and is expected to upgrade soon to Chief (Cambodia) Commercial Bank Plc., which will then offer more comprehensive commercial banking products, including various deposit accounts, individual loans, commercial loans, trade finances and so on, with attractive and innovative features. Chief (Cambodia) will be the first commercial bank in Cambodia owned by the Hong Kong-based Chief Financial Group (Cambodia) Limited, the company incorporated under the laws of British Virgin Islands. Also, thanks to the increased demands for banking services in light of the recent launch of the ASEAN Economic Community (AEC) and rapid domestic market expansion, it is an excellent opportunity for banks across ASEAN and the Greater Mekong Sub-region (GMS) to expand their operations to serve the enlarged markets.
Chief is ideally positioned to facilitate cross-border business and trade in one of the fastest growing regions in the world. The bank has undertaken a comprehensive review of its long-term business strategy and development plan, which has resulted in a number of new initiatives including the updating of its strategy to maintain its continued competitive edge.
Chief (Cambodia) Specialized Bank Plc. has been committed to fulfilling customers’ needs and helping them succeed. The bank has also been committed to being the most innovative and efficient foreign bank that lends full support to Cambodia’s four pillars of economic growth drivers: garment exports, tourism, agriculture and real estates. It provides world-rated services to its clients in Cambodia—a small Southeast Asian country that has enjoyed high economic growth rates over the longest period in the recorded history without overheating, thanks largely to both political and macroeconomic stability—an indispensable foundation for development. Cambodia’s economy is forecasted to remain strong and healthy for 2018. The Kingdom’s banking sector has also expanded rapidly, which is reflected in the substantial increase in assets, credits, deposits, demands for other bank services. The country’s banking system has continued to develop and improve steadily since the early stage of its wider liberalization after the 1993 first-ever general elections under the auspices of the United Nations. This helps build stronger public confidence in the banking and related sectors, leading to the higher demands for financial and other banking services.
Chief (Cambodia) Specialized Bank Plc. has been utilizing a business model which is localized, customized and best suited to real needs of clients in Cambodia and the region who seek investment opportunities in the Kingdom. Thanks to the success of Chief (Cambodia)’s operations in 2017, we have actively been working on the further refinements of our existing products to meet our clients’ growing needs.
The rapid economic expansion and improved business environment offer more opportunities for growth in the banking industry although competition is undoubtedly intensified. Yet, Chief (Cambodia) Specialized Bank Plc. is really confident of having a solid ground and the right formula of working with clients for mutual benefits. By looking ahead to 2018 with much optimism and with our superior organizational realignment, we strongly believe that our sharpened strategy coupled with our client centric approach to business success will drive the bank’s growth.
On behalf of the top management of Chief (Cambodia) Specialized Bank Plc., I would like to express my sincere thanks to all of our clients for choosing Chief (Cambodia) Specialized Bank Plc. to be their long-term business partners. With this, I would also like to thank the Board of Directors, Executive Committee, Management, all staff and officials of National Bank of Cambodia for their unwavering support and respective dedication that resulted in the success in 2017, and our hard work and commitment will bring about renewed business success for Chief in year 2018 and the years to come. I am so proud to have a professional and dedicated team who have actively been forging the image and future of Chief (Cambodia) Specialized Bank Plc. in Cambodia and have actively been working hard with high standards of professional ethics to take Chief (Cambodia) Specialized Bank Plc. to its new heights.
We look forward to welcoming and best serving you.
Dr. Morarith SOEUNG
Chief Executive Officer
Chief (Cambodia) Commercial Bank Plc.