BOC to expand operations in Cambodia

Bank of China prompted by rapid business growth in Cambodia.

Zhu Shuming, BOC deputy governor, said the bank has started to make profits from its business operations and was the seventh largest bank in Cambodia. BOC began operating in Cambodia two years ago.

He said the bank planned to increase its investment in Cambodia through opening more sub-branches.

"The bank's progress shows that Cambodia's banking sector still has much room to grow," Zhu said.

Cambodian government officials said the presence of BOC has largely contributed to developing Cambodian economy and strengthening the banking system. They noted that BOC that is playing a vital role in promoting trade and investment ties between Cambodia and China.

China set a target last year to boost bilateral trade volume to US$5 billion by 2017. BOC intends to lend more to trade sector in order to help the two countries achieve the goal.

Cambodia has 33 commercial banks, serving about 1.6 million borrowers and 1.9 million depositors, said the government.