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Thursday, February 16, 2006

Signing Cooperation Agreement Between ACLEDA Bank Plc, And Vietnam Bank for Agriculture and Rural Development ( AGRIBANK)

On the Occasion of Signing Cooperation Agreement Between ACLEDA Bank Plc, And Vietnam Bank for Agriculture and Rural Development ( AGRIBANK) February 15, 2006 at the Hotel Cambodiana.

The Speech of Mr. In Channy, Genneral Manager of ACLEDA Bank Plc.

In particular, I would like to express my warmest thanks to the National Bank of Cambodia who have given strong support to ACLEDA Bank Plc., and make this agreement possible.

On this important Occasion, I would like to thank the State Bank of Vietnam for Agriculture & Rural Development for choosing ACLEDA Bank Plc., as a partner for servicing cross-border payments to both bank’s customer on each side of the border. This important event confirms the growing friendship between Cambodia and Vietnam, and will especially assist the rapidly increasing trade and economic cooperation between our two countries. By greatly easing the procedures for our trader and businessmen, and indeed the public at large, to settle their mutual transactions in a fast, safe and efficient way, we are paving the way for further growth and future prosperity for our nations. This is the ultimate goal of our two banks.

By the end of December 2005, ACLEDA Bank has operated with 139 branches and offices with 2,484 staff. And became a full fledged commercial bank in December 2003, it has cooperated with 35 international correspondent banks in 41 countries with 253 branches by the end of December 2005 with the volume of remittance of US$53.4 M a year. Our new relationship with the State bank of Vietnam for Agriculture & Rural Development,

Under the Cross-Border payment cooperation agreement to be signed today, ACLEDA Bank Plc., expects that there will be the increase with more cross-border payment services such as telegraphic transfer, commercial documents, payment orders, letters of credit and payment guaranties to the both parties’ clients, and will provide the extra benefit of reducing the need for large quantities of cash, and the risk that entails, in settlement of business transactions especially in the border areas.

I believe that this is only the beginning of something of great significance. After years of struggle to develop our economies during a time of great difficulties within the region, agreements such as this can only stimulate further growth through mutual cooperation and raise the competitiveness of our business people.

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