KB Kookmin Bank Receives Final Approval to Launch 'KB Prasac Bank' in Cambodia

Speed of Launching the Integrated Commercial Bank

KB Kookmin Bank, which has been promoting the launch of an integrated commercial bank in Cambodia, announced on the 6th that it received final approval from the Cambodian government on the 4th and will launch 'KB Prasac Bank.'

Since early last year, KB Kookmin Bank has been in discussions with Cambodian financial authorities regarding the launch of an integrated commercial bank. On the 16th of last month, it obtained a license from the National Bank of Cambodia (NBC) to launch an integrated commercial bank through the merger of two overseas subsidiaries, 'Prasac Microfinance' and the commercial bank 'KB Cambodia Bank.'

KB Kookmin Bank first entered Cambodia in 2009 by establishing 'KB Cambodia Bank.' In April 2020, it acquired a 70% stake in the microloan-specialized financial institution 'Prasac Microfinance,' and in October 2021, it acquired the remaining shares, making it a wholly owned subsidiary. As of the end of last year, Prasac Microfinance ranked second in profit size and fourth in asset size among all financial institutions in Cambodia, including commercial banks.

Through this license upgrade and final approval for integration, KB Kookmin Bank plans to gradually expand its business scope by extending the infrastructure of Prasac Microfinance, which was previously limited to retail finance, to corporate clients such as corporate finance.

A KB Kookmin Bank official stated, “The successful acquisition of the commercial bank license is likely because KB Kookmin Bank’s management capabilities were highly evaluated by the local financial authorities,” adding, “We will narrow the gap with leading banks through securing low-cost deposits and targeting the QR payment market, and internalize KB Financial Group’s advanced digital capabilities to lead the Cambodian financial market.”

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