Invest Hong Kong (InvestHK) announced that Canadia Bank, one of Cambodia’s leading financial groups, has established a representative office in Hong Kong.

The move, approved by the Hong Kong Monetary Authority (HKMA), is seen as a step towards strengthening economic links between Hong Kong, Cambodia, and the wider ASEAN region.

The decision follows a meeting in Cambodia in July 2024 between the Chief Executive, John Lee, and the Chairman of Canadia Integrated Group, Dr Pung Kheav Se.

Discussions at the meeting highlighted Hong Kong’s role as an international financial centre and explored areas of cooperation, laying the groundwork for the bank’s new office.

Founded in 1991, Canadia Bank is part of the Canadia Integrated Group and provides a wide range of banking services to individuals, businesses, and corporations.

The bank holds assets of US$8.6 billion, operates 69 branches and 430 self-service digital devices in Cambodia, and has a subsidiary in Laos.

The wider Canadia Integrated Group has total assets of US$15 billion and employs around 17,500 people.

Its financial services businesses span banking, microfinance, insurance, securities, and trusts, while its non-financial operations focus on infrastructure, construction, property development, education, hospitality, and healthcare.

The group’s major projects include the Techo International Airport near Phnom Penh, Diamond Island Satellite City, Norea Island Satellite City, Chroy Changvar Satellite City, and the Olympia City Complex.

Alpha Lau, Director-General of Investment Promotion, said:

“Hong Kong continues to be the preferred hub for ASEAN companies seeking to access global markets. We look forward to supporting Cambodian companies in expanding their business through leveraging Hong Kong’s capital markets and connecting with strategic partners in the region.”

Dr Pung, also Chairman of Canadia Bank, commented:

“The opening of our first representative office in the city marks a significant step in our expansion plan via Hong Kong. We appreciate the support from InvestHK during the process, including setting up meetings with the regulators in Hong Kong, providing us with useful information about the licensing requirements and procedures, and connecting us with service providers.”

The Belt and Road Initiative has played a role in deepening economic integration between Hong Kong and Cambodia.

Canadia Bank’s new office is expected to support trade and investment cooperation between the two economies.

Featured image credit: GovHK