GCap in tie-up to set up bank in Cambodia

GCap said the National Bank of Cambodia had given the approval-in-principle for the establishment of a commercial bank under the name Oriental Bank Plc in the country.

PETALING JAYA: G Capital Bhd (GCap) is looking to venture into a new full-fledged commercial bank in Cambodia.

In a statement, the company said it had entered into a head of agreement with Datuk Phan Ying Tong and E S Packaging Co Ltd (Cambodia) to collaborate with each other principally to focus on monetary intermediations and a commercial banking business in Cambodia.

GCap said the National Bank of Cambodia had given the approval-in-principle for the establishment of a commercial bank under the name Oriental Bank Plc in the country.

The approval-in-principle came with the approved capital of US$100mil (RM407mil), it added, noting the group would hold not less than 20% in the institution.