ABA Bank, Cambodia’s largest commercial bank, has received regulatory approval for an additional capital injection of US$ 220 million from its shareholder, National Bank of Canada.
This new infusion brings the Bank’s total shareholder’s equity to US$2.2 billion, solidifying its position as the leading player in the Cambodia’s dynamic banking sector.
The shareholders’ decision to inject this capital is a powerful endorsement to ABA Bank’s growth trajectory and unwavering commitment to Cambodia’s economic development.
Notably, the shareholders have never repatriated any profit generated by ABA. Instead, they have continuously invested it back to the ABA ecosystem, focusing on technological advancements and continuous development of human capital.
Boost to Financial Stability and Technology
This latest capital injection not only enhances ABA Bank’s financial stability but also supports its vision for sustained growth and innovation. With the increased capital base, the Bank is better positioned to navigate economic uncertainties, ensuring greater stability and resilience in Cambodia’s financial landscape.
The new funding will accelerate ABA’s investments in cutting-edge technologies, enhancing its digital banking services and supporting the growth of SMEs. By focusing on these areas, ABA aims to empower local businesses and drive economic activity across multiple sectors, all while providing customers with more accessible, efficient, and secure banking solutions.
Askhat Azhikhanov, CEO of ABA Bank, remarked, “This capital infusion is a clear example of the foreign direct investment in the economy thanks to continuous trust of our shareholders in Cambodia and in ABA. The additional capital enables us to continue providing loans to SMEs, keep investing in cutting-edge technologies, and deliver exceptional financial services while contributing to Cambodia’s economic progress.”
Continuous Contribution to National Economy
ABA Bank has also distinguished itself as a model corporate citizen in Cambodia, receiving the prestigious “GOLD” Certificate of Tax Compliance from the General Department of Taxation (GDT) for six consecutive years since 2019.
This recognition underscores ABA’s consistent commitment to transparency and good corporate tax governance. The Bank has fully complied with Cambodia’s tax regulations, paying taxes in full and with 100% transparency. In recognition of these efforts, the bank was also honored with a Letter of Appreciation from the-then Prime Minister Hun Sen in May 2022.
In 2023 alone, ABA Bank’s income tax and other tax expenses amounted to $85 million. In the first 8 months of 2024, tax contributions already reached $80 million.
Cumulatively from 2009 to 2024, ABA has contributed approximately $446 million in taxes to the state budget, significantly supporting government initiatives in building infrastructure for the benefit of the people.
Investment in Human Capital
ABA Bank’s impressive growth is not just a result of financial strength and technological innovation, but also its unwavering commitment to developing human capital. Having created more than 9,300 jobs, the Bank places great emphasis on nurturing talent and fostering a high-performance culture.
ABA’s continuous investment in training and professional development ensures that its staff are well-equipped to meet the evolving needs of customers and the challenges of a fast-changing financial landscape.
Through leadership programs, skill-enhancement workshops, and career progression opportunities, the Bank supports the personal and professional growth of its employees, empowering them to drive innovation and deliver top-tier service.
The strong workforce, combined with advanced technologies, allows ABA to maintain its market leadership and continue setting new benchmarks in Cambodia’s banking industry.
Appreciation for Customer Trust
The Bank’s remarkable growth in its customer base reflects its commitment to excellence. Today, ABA Bank serves over 4 million customers, 3.8 million of whom are the ABA Mobile app users.
This rapid expansion underscores the trust and confidence that Cambodian customers place in the bank. ABA extends its deepest appreciation to its customers for their loyalty and commitment, which has been pivotal in cementing its position as the leading digital bank in the country.
Expanding Market Footprint
With the additional capital, ABA Bank is ready to further consolidate its leadership in Cambodia’s competitive banking sector. The Bank continues to differentiate itself with competitive innovative financial products and a deep commitment to digital innovation.
As ABA Bank continues to expand its footprint and capabilities, it remains dedicated to its mission of enhancing the financial well-being of its customers and contributing to the nation’s overall prosperity.
ABA Bank’s growth aligns with the Cambodian Government’s Pentagonal Strategy, supporting the country’s aspirations for sustainable and inclusive development. The Bank looks forward to serving even more Cambodians, reinforcing its role as the most trusted and secure banking institution in the Kingdom.
All in all, as ABA Bank continues to innovate and grow, it remains dedicated to supporting Cambodia’s economic development, ensuring that it remains at the forefront of the country’s financial services sector, delivering value to its shareholders, customers, and the community.
