PHNOM PENH: KB PRASAC Bank Plc. on 07 August 2023 is officially announced and launched following the merger between PRASAC Microfinance Institution Plc. (“PRASAC MFI”) and Kookmin Bank Cambodia Plc. (“KBC”).
The newly merged bank “KB PRASAC Bank Plc. (‘KB PRASAC’)” has a commercial bank license from the National Bank of Cambodia and received final approval for integration from the Ministry of Commerce recently. KB PRASAC Bank has now 192 branches throughout Cambodia – 184 PRASAC branches with 8 KBC branches.
The perfect synergy leverages the strength of nearly 30 years of experience PRASAC in the microfinance sector and the world-class financial innovation of Kookmin Bank Cambodia in the banking sector, allowing the merged bank to deliver a modern and variety of banking services and products to combine the state of the art of core banking and digital banking system in order to better serve all segments of customers in Cambodia even beyond financial services.
KB PRASAC Bank has a strong shareholder “KB Kookmin Bank” – the largest commercial bank in Korea and a major subsidiary of KB Financial Group Inc., which is a Korea-based global leader in universal financial services and a New York Stock Exchange listed holding company. KB Kookmin Bank has its strategic direction to bring all best practices together with digital financial technologies to KB PRASAC Bank for making customers easier access to banking services.
With a shared vision of promoting financial inclusion, KB PRASAC Bank Plc. is committed to being the most trusted financial partner with innovative and sustainable services that are helpful for customer growth. The bank aims to provide sustainable access to financial services to communities, and micro, small and medium enterprises.
Mr. OUM Sam Oeun, President and CEO of PRASAC MFI and now the CEO of KB PRASAC Bank Plc., expressed his excitement about this remarkable development, “We are delighted to have received this final approval for the merger process and commercial bank license. On behalf of shareholders and all of us at KB PRASAC Bank, I would like to extend my sincere thanks to the National Bank of Cambodia and the Ministry of Commerce, and relevant authorities for their support during this major consolidation,” he added.
“The merger of the financial institutions as ‘KB PRASAC Bank Plc.’ signifies a powerful synergy that will create more and more benefits to customers in Cambodia. By mixing PRASAC’s long-standing experience in microfinance with KBC’s cutting-edge FinTech solutions and global expertise, we become a new stronger bank with an extensive network, wider branch presence, and increased total assets.”
Mr. Sam Oeun continued, “As we embark on this exciting journey, KB PRASAC Bank Plc. extends heartfelt appreciation to our valued customers for their trust and loyalty. We are committed to working tirelessly to make their lives better and contribute to Cambodia’s development by delivering innovative financial solutions and promoting financial inclusion.”
“We are confident that the merged bank’s expertise, resources, and commitment to excellence will empower customers and communities alike, to stay in tune with the best financial partner – KB PRASAC Bank Plc.,” concluded Mr. Sam Oeun.
Please note that all documents such as loan agreements, term deposit certificates, ATM cards, credit cards, savings passbooks, and other legal documents of both PRASAC MFI and KBC remain valid. For further information, please kindly contact the call center of KB PRASAC Bank via 023 999 911, 086 999 911, 0969 999 911, or email [email protected].
About KB PRASAC Bank Plc.
KB PRASAC Bank Plc., a subsidiary of KB Financial Group, is a new commercial bank in Cambodia formed through the successful merger of PRASAC Microfinance Institution Plc. and KB Kookmin Bank Cambodia Plc. The bank has consolidated total assets of USD 5.7 billion, a deposit balance of USD 2.9 billion, a total loan portfolio of USD 5.0 billion, 192 branch offices, and more than 10,000 staff. KB PRASAC offers full-fledged financial services that meet clients’ needs and preferences. The bank is dedicated to promoting financial inclusion, driving economic growth, and providing innovative banking solutions to its diverse clientele. For more information, please visit www.prasac.com.kh
About KB Kookmin Bank
Kookmin Bank Co., Ltd. is a leading commercial bank in South Korea that has the largest number of branches in the industry and over 36 million customers equivalent to more than half of the nation’s population. The bank also stands as the leader in digital finance service by operating mobile platforms including Liiv and KB Star Banking with more than 17 million customers. It plays a key role in creating synergy among affiliates within KB Financial Group. For more information, please visit www.kbstar.com / www.kbfg.com.