Phnom Penh, 13 May 2022 — PRASAC, the largest microfinance institution in Cambodia with the strong shareholder “KB Kookmin Bank” from Korea, has increased its registered capital up to USD 400 million in an orchestrated effort to undergo the transformation process from an MFI to a full-fledged commercial bank, to expand loans portfolio and business operations, and to build up its strengths for serving depositors and public.

Mr. OUM Sam Oeun, PRASAC’s President and CEO, said: “PRASAC has amended its statute to increase its registered capital from USD 300 million to USD 400 million. This increase will support the institution’s growth strategy and strengthen position in the market. It will also enable us to extend our financial service outreach and diversify more financial products and services especially our digital footprints.”

He added that: “We are very pleased and would like to express our sincere thanks to the National Bank of Cambodia and the Ministry of Commerce for the official approval on the increment of the registered capital.”

PRASAC’s total assets reached USD 4.5 billion at first quarter of 2022, growing 21.3% compared to same quarter of 2021. The deposit balance increased to USD 2.7 billion, and the gross loan portfolio amounted up to USD 4.0 billion.