KB Kookmin Bank opens KB Prasac Bank in Cambodia

KB Kookmin Bank announced on Monday that it held an opening event for the integrated commercial bank KB Prasac Bank PLC in Phnom Penh, Cambodia, on Feb. 23.

The event, titled Two Worlds into One, symbolized the integration of two countries, financial institutions, and cultures.

Yang Jong-Hee, Chairman of KB Financial Group; Lee Jae Geun, CEO of KB Kookmin Bank; Chea Serey, Governor of the National Bank of Cambodia; and Chring Botum Rangsay, Cambodian Ambassador to South Korea, attended the event.

"We will provide the best experience to customers and grow together through regional balanced growth, coexistence, and co-prosperity in Cambodia," Chairman Yang emphasized in his speech.

"We will be a lifelong financial partner to the Cambodian people by providing optimal financial services tailored to the life cycle of our customers," he added.

KB Kookmin Bank first entered Cambodia by establishing KB Cambodia Bank in 2009.

In April 2020, KB Kookmin Bank acquired a 70% stake in Prasac Microfinance, a specialized small loan financial institution, and in October 2021, it secured the remaining stake, making it a wholly-owned subsidiary.

In July last year, KB Kookmin Bank obtained approval from the National Bank of Cambodia for the merger of its two overseas subsidiaries, Prasac Microfinance and KB Cambodia Bank to launch an integrated commercial bank.

The company also received final approval from the Cambodian Ministry of Commerce in the same year.

"KB Prasac Bank is the fourth largest commercial bank in Cambodia in terms of scale, with more than 190 business networks and over 5,000 sales personnel," a KB Kookmin Bank source explained.

Write to Bo-Hyung Kim at kph21@hankyung.com