MB Bank became the fourth Vietnamese bank operating in Cambodia and brings the total number of the kingdom's commercial banks to 31.
The other three Vietnamese banks here are the Bank for Investment and Development of Cambodia, Sacombank, and Agribank.
Speaking at the opening of the MB Bank-Phnom Penh, Chea Chanto, governor of the National Bank of Cambodia , said the bank's presence reflects Vietnamese investors' trust in Cambodia's economic and political stability.
"The bank's presence here is also thanks to good traditional relations between the two governments," he said. "The bank is very important to contribute to the development of Cambodia's economy."
He said the bank would bring in new technology and innovative banking products to develop Cambodian banking industry.
"In Cambodia, the bank would focus its loans on corporate and institutional customers, small and medium enterprises, microfinance firms and individual customers," Le Cong, the bank's Chief Executive Officer, said at the launch. "The bank will also help to attract more Vietnamese investors to Cambodia."
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