ACLEDA Bank Takes On USD $80 Million Loan From Bank SinoPac
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B2B Cambodia
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ACLEDA Bank, a publicly-listed financial institution on the Cambodia Securities Exchange (CSX), has recently announced that it has taken a USD $80 million long-term loan from Bank SinoPac, a Taiwan-based bank.
Photo Credit: The Phnom Penh Post
This loan is primarily intended to support micro, small, and medium enterprises (MSMEs) said the Cambodian bank and follows ACLEDA Bank securing a USD $100 million loan from the Asian Infrastructure Investment Bank (AIIB) in June 2023. The first disbursement is expected in December 2023 (at a variable interest rate of 8.8% to 11%.)
The loan from Bank SinoPac is on a four-year term and carries an interest rate ranging from 8.42% to 12.71% (inclusive of interest and fees), with the maturity date set for August 13, 2027.
ACLEDA Bank issued a statement on August 15, 2023, highlighting that this additional borrowing aligns with the bank's strategic growth plans and serves to diversify its funding sources.
“By securing this long-term facility, ACLEDA Bank aims to further strengthen its position in the market while catering to the evolving needs of its customers,” they said.
In its disclosure report to the Cambodia Securities Exchange (CSX) on August 8, 2023, ACLEDA Bank reported:
Photo Credit: The Phnom Penh Post
This loan is primarily intended to support micro, small, and medium enterprises (MSMEs) said the Cambodian bank and follows ACLEDA Bank securing a USD $100 million loan from the Asian Infrastructure Investment Bank (AIIB) in June 2023. The first disbursement is expected in December 2023 (at a variable interest rate of 8.8% to 11%.)
The loan from Bank SinoPac is on a four-year term and carries an interest rate ranging from 8.42% to 12.71% (inclusive of interest and fees), with the maturity date set for August 13, 2027.
ACLEDA Bank issued a statement on August 15, 2023, highlighting that this additional borrowing aligns with the bank's strategic growth plans and serves to diversify its funding sources.
“By securing this long-term facility, ACLEDA Bank aims to further strengthen its position in the market while catering to the evolving needs of its customers,” they said.
In its disclosure report to the Cambodia Securities Exchange (CSX) on August 8, 2023, ACLEDA Bank reported:
- A net profit loss of 30.62%, equivalent to KHR 59,875,321,000 (approximately USD $14.4 million).
- 12.25% increase in sales, totalling approximately USD $203.2 million.
- 13.04% increase in operating profits, reaching approximately USD $123.7 million compared to Q1 2023.