It will begin operation in late August, according to the Korean agricultural bank wholly owned by Korea’s National Agricultural Cooperative Federation.
This marked the Korean banking firm’s first overseas takeover and its sixth overseas business entity. Prior to the deal, the company had offices in Beijing and New Delhi, branches in New York and Hanoi, Vietnam, as well as a microfinancing institution in Myanmar.
The financing institution plans to begin extending mortgage loans and loans for small and medium enterprises in Cambodia, in addition to microfinance products in Samic. NongHyup Bank also seeks to expand its branch network in urban areas in the Sihanoukville and Siem Reap provinces, as well as the capital city of Phnom Penh.
By Son Ji-hyoung