Prince Bank Celebrates Nine Years Of Growth, Success And Commitment In Cambodia
Prince Bank, a Cambodian bank, recently celebrated its 9th anniversary, marking nearly a decade of providing financial services in the country.
Since its establishment as a microfinance institution in 2015, and as a full-fledged commercial bank in 2018, Prince Bank has aimed to provide banking excellence by combining technological innovation with a strong emphasis on customer satisfaction.
The bank has built trust and financial strength over the course of it's nine-year journey, with sizable assets totaling at about US $1.4 billion, a growing customer base of 100,000, deposits inching towards US $1 billion and loans coming close to US $800 million. The bank's capital adequacy ratio stood at around 27 per cent in 2023, surpassing regulatory requirements and positioning the bank for substantial growth and dominance in the future.
The bank's long-term dedication to supporting the Cambodian Riel, its partnerships with the National Bank of Cambodia (NBC) and the Association of Banks in Cambodia (ABC), and its significant role in various financial initiatives demonstrate its unwavering commitment to strengthening Cambodia's economic ecosystem, advancing financial literacy, and nation-building.
Prince Bank initiatives also go beyond finance and contribute to the Cambodian community through active involvement in corporate social responsibility (CSR) efforts, particularly in promoting sports and education programs for the betterment of future generations.
The bank has expanded its range of services to include various innovative financial products, such as different types of loans (personal, auto, and housing loans) and advanced mobile banking applications (PRINCE Mobile, PRINCE MobileBiz, and PRINCE Merchant App), tailored to meet the digital banking needs of its customers. These applications are designed with cutting-edge features to ensure they are easy to use, convenient, and secure.
Prince Bank has also played a role in Cambodia's regional economic development by focusing on small and medium-sized enterprises (SMEs). Understanding the challenges faced by SMEs, such as limited financial access, the bank provides customised solutions – including business loans with favorable terms, financial advice, and market access – to empower these businesses, thereby fostering community economic prosperity.
Prince Bank has also partnered with two international money transfer services – RIA Money Transfer and MoneyGram. The bank provides a wide range of debit and credit cards (standard, classic, platinum, and diamond tiers) affiliated with major payment networks such as Mastercard, Visa, and UnionPay.
Recently, Prince Bank became the first and only bank in Cambodia to offer customers a wide range of high-yield savings products, including the Clever Savings Builder account, Clever Savings account, Wealth Double Fortune account, and Clever Merchant account, which are bundled with bancassurance and protection for customer well-being.
With a network of 36 branches, 84 ATM service locations, and four exclusive Priority Banking lounges, Prince Bank ensures comprehensive financial services and a customised banking experience for its diverse customers. In 2023, the bank received several international awards from prestigious organisations like International Banker, Asiamoney, and International Finance Magazine. These accolades affirm the bank's commitment to excellence in banking and recognise its continuous effort to offer products and services that align with its dedication to going the extra mile for its customers, as reflected in its slogan, "We Try Harder for You."
On the occasion of the bank's 9th anniversary, Honn Sorachna, CEO and Managing Director of Prince Bank, expressed his heartfelt gratitude to the customers, business partners, regulators, and stakeholders for placing their support and trust in Prince Bank. Additionally, he took the opportunity to show his appreciation to the bank's employees, including those on the frontlines and its leaders, recognising that Prince Bank would not be the institution it is today without their commitment and determination to succeed and overcome challenges.
As Prince Bank steps into its latest chapter, it remains dedicated to its mission of being a Cambodian bank that serves Cambodians with exceptional banking services, while contributing to the overall development of Cambodia.
For further information or consultation on Prince Bank’s financial services, contact 1800 20 8888 (Toll-free).
This press release was supplied.