Phnom Penh: PRASAC, the first top institution in microfinance sector and among the top 5 largest banks in Cambodian banking industry, has additionally increased the registered capital of USD 70 million on top of its current registered capital of USD 230 million to support operations and expand its state-of-the-art financial service footprint for the better serve the customers.
PRASAC’s registered share capital of KHR 1,200 billion or equivalent to USD 300 million is distributed among 4 shareholders including KB Kookmin Bank in South Korea, Bank of East Asia (BEA) in Hong Kong, Lanka Orix Leasing Company in Sri Lanka, and PRASAC Staff Company (PSCo).
Mr. Say Sony, Executive Vice President of PRASAC, said that “PRASAC is pleased for the official approval obtained from the National Bank of Cambodia and the Ministry of Commerce on the increment of the registered capital. The additional capital is the key to build more public trust and stems from our strong business growth through offering full-fledged financial services according to customers’ needs as well as the flexibility of terms and conditions of products and services and digital financial services.”
Mr. Sony added that the capital increase proves that PRASAC has a strong position to sustain its robust growth of customers, investors and public in the wake of PRASAC’s achievement in term of:
- Business size: Total assets at end of quarter 1 of 2021 were USD 3.74 billion, total loan portfolios were USD 3.22 billion, the deposits outstanding balance reached USD 2.15 billion.
- Customer care: Offers the clients’ experiences by the nearly 10,000 professional staff with fully trained, 182 branch offices and ATM network nationwide, and PRASAC Mobile Banking and PRASAC Internet Banking.
- Provide a sound financial solution for your growth: Loans, deposits, PPWSA bill payment, EDC bill payment, PPSWMA bill payment, tuition fee payment, phone top-up of all telecom companies, interbank fund transfer between member banks and FI of Bakong and Retail Pay system, interbranch fund transfer, cash-by-code, foreign exchange, Cambodian Shared Switch (CSS) or cash withdrawal via ATM of member banks and FI of CSS, fast payment, payroll, automated teller machine (ATM), cash deposit machine (CDM), mobile banking, internet banking, POS, bank confirmation, standing instruction and other financial services.
“We hope that clients will feel more secure and confident on us. The robust liquidity and capital position ensures that PRASAC is able to weather any stress arising from changes in the operating environment, such as the ongoing COVID-19 situation,” he added.