Evolution and Transformation of the ACLEDA Bank Plc.
ACLEDA – Spectacles
Southeast Asia, though known for its vibrant culture and arts, poses a tableau of bleak poverty to the global community. Countries like Cambodia traces back this strand of penury to years of war and civil unrest leaving the country one of the poorest in the Asia-Pacific region – with more than 30% of its 14 million citizens living below the poverty line.
Amidst this picture is the poignant drive of the poor to raise themselves from this quagmire. With the emergence of microfinance – the provision of integrated services from small loans to education, savings, money transfer, business development services, health and others – the poor are given access to resources, thus, given the chance to have control over those resources and eventually uplift their lives.
Cambodia’s banking environment
Peeking a little closer into the banking landscape of Cambodia, there are 27 commercial banks and 6 specialized banks. Large distrust in banks is noted with deposits equal to 32% of GDP only. Lending ratio is at 27% of GDP and an average of 48% of total assets. Banks also have a limited financial product range; long-term lending to SMEs is almost absent. Furthermore, there are no inter-bank or money market transactions. ACLEDA Bank is the only bank that provides loans in the local currency (Khmer Riel).
