Phnom Penh Commercial Bank (PPCB) announced its new president Chang Moo Shin and $36 million paid-in capital increase to be among the first banks meeting the new requirement of NBC registered capital.
Recently, three major Korean financial institutions have become PPCB new shareholders. Jeonbuk Bank holding the majority of the share with 50%, Apro Financial Group 40%, and JB Woori Capital 10%; both Jeonbuk Bank and JB Woori Capital are subsidiaries of JB Financial Group.
Before becoming PPCB new president, Chang Moo Shin has over 30 years experience in the financial industry both in Korea and overseas. He recently was an executive director of JB Financial Group as CFO&CSO and was non-standing director of JB Woori Capital and auditor of JB Asset Management (also a subsidiary of JB Financial Group).
“I am honored to take on my new role in PPCB and looking forward to working closely with Cambodia. I am confident that JB Financial Group and Apro Financial Group can support various financial sectors to prosper Cambodia economy from retail to corporate area combined with PPCB’s strengths” said Shin.
Along with having a new president, PPCB will see a $36 million paid-in capital increase to meet NBC the new required registered capital. With this decision, PPCB has more capacity to expand their loans portfolio and it is said that PPCB will disburse new resources towards medium and small loan.
The Chairman of PPCB Board of Director, Yim Yong Taick, stated that the BOD and shareholders will do their best to make PPCB be the leader of the Southeast Asian banks together with Jeonbuk Bank and introducing the most sophisticated IT System and digitalized strategy.
Immediately, PPCB with collaboration of Jeonbuk Bank and JB Financial Group will start a digital banking project focused on mobile platform and plan to expand its business area to payment transactions in Cambodia.