PETALING JAYA: Public Bank Bhd’s wholly-owned subsidiary Cambodian Public Bank Plc (Campu Bank) has signed a memorandum of understanding (MoU) with China Construction Bank (Malaysia) Bhd (CCBM) to jointly promote and develop business opportunities between both banks for their customers in Cambodia, Malaysia and China.
The signing of the MoU represents an extension of the business collaboration between Public Bank and China Construction Bank (CCB) which commenced since 2016 for cross border financing, financial advisory, remittance, client credit assessment and referrals.
“The signing of this MoU is timely as Cambodia is experiencing rapid growth with consistent gross domestic product of 7% for the past five years coupled with strong influx of investors from China. Public Bank and CCB will be able to leverage on each other’s strength to propel our business to greater heights,” Public Bank managing director Tan Sri Tay Ah Lek said in a statement.
Established in 1992, Campu Bank has 31 branches in Cambodia.
CCBM is a tier 1 wholly-owned subsidiary of China Construction Bank Corp, which is the world’s second largest bank in terms of total assets.
The signing of the MoU was also in conjunction with the opening of China Construction Bank Corp Labuan Branch, a tier 1 branch of CCB which is established with the aspiration of becoming a regional Asean bank in facilitating close bilateral relationships between Asean countries and China.
