National Bank of Canada says its prospects for Cambodia, a key international growth market, remain solid, even after the European Union decided it will slap trade sanctions on the Southeast Asian country because of its human-rights record.
“These banks have a highly diverse customer base, which means they are exposed to general economic conditions, but protected from industry-specific issues ,” he said. National last October said it had spent another $83.5 million to buy the 10 per cent of ABA it did not already own, pushing its total investment in the bank to $424 million. ABA was established in 1996 and is the third-largest commercial bank in Cambodia, according to National Bank’s 2019 annual report.
The Cambodian banking sector has been affected by past political developments: nearly US$630 in deposits was withdrawn during the country’s 2013 elections, according to S&P Global Ratings.
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