SINGAPORE - A unit of Temasek Holdings Private Ltd has opened a new bank in Cambodia with local partners in the first investment by the Singapore state investor in the country, the Straits Times reported on Friday.
Cambodia Post Bank, which aims to serve the mass market and small businesses, has a share capital of US$38 million (S$47.6 million). Cambodian firm Canadia Investment Holding has a 50 per cent stake, Temasek unit Fullerton Financial Holdings holds 45 per cent and Cambodia Post the remaining 5 per cent.
The bank has 11 branches in seven provinces, with five in Phnom Penh. It aims to expand to more than 30 branches across all 24 provinces within five years.