Question 1

What is ICBC Phnom Penh Branch?

Accepted Answer

ICBC Phnom Penh Branch is a foreign branch of the Industrial and Commercial Bank of China Limited operating in Cambodia. As the second Chinese bank to launch operations in Cambodia, it serves as a crucial financial bridge between China and Cambodia, supporting economic and trade cooperation between the two nations.

The branch focuses on serving Chinese enterprises operating in Cambodia, facilitating infrastructure development, and providing comprehensive financial services to both corporate and individual customers. It operates as a commercial bank under the supervision of the National Bank of Cambodia.

Question 2

When was ICBC Phnom Penh Branch founded?

Accepted Answer

ICBC Phnom Penh Branch officially opened on November 30, 2011, becoming Cambodia's 30th commercial bank. The launch ceremony was attended by ICBC Board Chairman Jiang Jianqing, Cambodia's Deputy Prime Minister Keat Chhon, and Chinese Ambassador to Cambodia Pan Guangxue.

The establishment followed the growing economic ties between China and Cambodia, with bilateral trade reaching USD 1.6 billion in the first nine months of 2011, representing a 57.5% increase. The branch was positioned to support Chinese investment in Cambodia, which totaled nearly USD 9 billion across 400 projects by 2011.

Question 3

Where is ICBC Phnom Penh Branch headquartered?

Accepted Answer

ICBC Phnom Penh Branch is headquartered in Phnom Penh, Cambodia's capital city. The branch operates with technological and operational support from ICBC Group's global infrastructure, including its technology platform located in Shanghai, China.

Question 4

Where does ICBC Phnom Penh Branch operate?

Accepted Answer

ICBC Phnom Penh Branch operates primarily in Cambodia, serving customers across the kingdom. The branch maintains a presence in Phnom Penh and provides services throughout Cambodia's key economic centers.

The branch leverages ICBC Group's extensive global network of correspondent banks and its presence in 49 countries to facilitate international transactions for Cambodian businesses, particularly those engaged in trade with China and other Belt and Road Initiative countries.

Question 5

What services does ICBC Phnom Penh Branch offer?

Accepted Answer

ICBC Phnom Penh Branch provides comprehensive banking services including corporate lending, trade finance, foreign exchange services, and deposit products. The branch specializes in working capital financing, project financing, and infrastructure development loans.

For retail customers, the branch offers remittance services, payroll services, UnionPay and VISA card services, POS terminals, and e-banking services. The branch was the first overseas ICBC branch to implement an intelligent POS system and pioneered WeChat Pay receipt services.

In March 2014, the National Bank of Cambodia designated ICBC Phnom Penh Branch as the official RMB business clearing bank in Cambodia, making it the third country after Singapore and Laos to receive this designation. The branch provides comprehensive RMB clearing services including account management, inter-bank clearing, and cross-border RMB capital settlement.

The branch has participated in major syndicated loans for significant infrastructure projects including the Siem Reap Angkor International Airport Project and the Expressway Project from Phnom Penh to Sihanoukville.

Question 6

What makes ICBC Phnom Penh Branch unique?

Accepted Answer

ICBC Phnom Penh Branch holds the distinction of being Cambodia's official RMB clearing bank, a designation that recognizes its critical role in facilitating cross-border RMB transactions. This unique status enables the branch to serve as the central hub for Chinese currency business in Cambodia.

The branch has been instrumental in supporting China's Belt and Road Initiative in Cambodia, acting as the primary financial institution for Chinese-funded enterprises operating in the country. It provides specialized advisory services for infrastructure development in communication, transportation, and electricity sectors.

As of 2018, the branch recorded total assets of USD 822.4 million with annual net profit after tax of USD 27.2 million. The acquiring business through POS and digital payment systems reached approximately USD 30 million in 2018, growing 34.8% year-over-year.

Question 7

What type of financial institution is ICBC Phnom Penh Branch?

Accepted Answer

ICBC Phnom Penh Branch is a foreign bank branch operating as a commercial bank in Cambodia. Licensed and supervised by the National Bank of Cambodia, it is classified as a full commercial bank providing corporate and retail banking services.

As a wholly-owned foreign branch of Industrial and Commercial Bank of China Limited, it operates under Cambodia's banking regulations while maintaining the operational standards and risk management practices of its parent institution. The branch functions as both a commercial bank serving local needs and a specialized institution facilitating China-Cambodia economic integration.

Question 8

How does ICBC Phnom Penh Branch support bilateral trade?

Accepted Answer

ICBC Phnom Penh Branch plays a vital role in facilitating economic cooperation between China and Cambodia through its extensive correspondent banking network. The branch provides specialized trade finance products, foreign exchange services, and cross-border payment solutions that enable seamless business transactions.

The branch's designation as Cambodia's RMB clearing bank has significantly enhanced its ability to support bilateral trade denominated in Chinese currency. This infrastructure reduces transaction costs and settlement times for businesses engaged in China-Cambodia commerce.

By leveraging ICBC Group's global network and its deep understanding of both Chinese and Cambodian markets, the branch serves as a strategic partner for enterprises expanding operations between the two countries.

ICBC Phnom Penh Branch

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About ICBC Phnom Penh Branch in Cambodia