National Bank unfazed after EU hits key growth market Cambodia with sanctions over human rights

  • 📰 nationalpost
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 80%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Europe’s decision comes after National increased its exposure to the fast-growing Cambodian economy

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The Cambodian banking sector has been affected by past political developments: nearly US$630 in deposits was withdrawn during the country’s 2013 elections, according to S&P Global Ratings.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 10. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Population growth, jobs and cheap money: What makes Canada’s housing market tick — podcastEpisode 41 in Down to Business podcast from the Financial Post
Source: nationalpost - 🏆 10. / 80 Read more »