Shinhan Cambodia Bank Opens Two Additional Branches in Phnom Penh

Simultaneous Opening of Beng Kang Kong and Mao Zedong Branches in Phnom Penh's Core Commercial Area
Continuous Channel Expansion to Enhance Customer Contact and Convenience Amid COVID-19 Spread

Exterior view of Shinhan Cambodia Bank Bungkengkong Branch, which opened on the 28th.

[Asia Economy Reporter Jo Gang-wook] Shinhan Bank's local subsidiary in Cambodia, Shinhan Cambodia Bank, announced on the 30th that it has opened two additional branches in Phnom Penh city, located in Beng Keng Kong and Mao Tse Tung.

The Beng Keng Kong area and Mao Tse Tung Road, where the two branches are located, are key commercial districts in Phnom Penh, the capital, densely populated with commercial facilities and home to foreigners residing in Cambodia as well as high-net-worth individuals.

Despite the spread of COVID-19, Shinhan Cambodia Bank has been establishing its network in major areas within Phnom Penh to increase customer contact points and convenience. Following the opening of branches in Tsubaampo, Sen Sok, and Toul Kork in January, the bank has opened five branches this year alone, including the Beng Keng Kong and Mao Tse Tung branches, currently operating a total of 11 branches.

Additionally, the bank plans to expand its branches centered on key Cambodian hubs such as Siem Reap and the Tzloy Changba area, which is emerging as a new residential area for the middle class, starting in January next year.

Shinhan Cambodia Bank is also striving for qualitative growth as well as expanding its business channels.

Recently, it introduced the Smile Call system and strengthened its compliance program, focusing on customer-centric management by listening to customer feedback and reflecting it in bank operations. It is also concentrating on securing future competitiveness through digital transformation initiatives such as implementing the locally tailored mobile banking app Shinhan SOL and forming a strategic partnership with the local mobility company TADA.

Through these efforts, as of the end of November, total assets increased by 30.4% year-on-year to $590 million, and net profit rose by 52% to $11 million.

A Shinhan Cambodia Bank official stated, "We will become a bank recognized by customers in Cambodia through win-win business growth alongside local customers who are facing difficulties due to COVID-19."

This content was produced with the assistance of AI translation services.