Cambodia’s oldest bank, ACLEDA, earlier this month launched the second edition of a book that depicts its continued historic milestones in the local banking sector and beyond borders.
‘Beyond Borders, Beyond Banking’ chronicles the bank’s story from 2005 to 2019, building on previous milestones that were covered in the first edition of the book.
ACLEDA President and Group Managing Director, In Channy, said at the book launch on August 16 that it forms a second edition to its predecessor entitled, “When There Was No Money.” This compiles the growth milestones of ACLEDA Bank from its inception in the 1900s until 2003.
“As we further develop, we arranged for the publication of the second edition of the book: ‘Beyond Borders, Beyond Banking’ meaning that [we go] beyond the borders of Cambodia and beyond the banking sector,” Channy said.
“2005 was the year of strong growth in the banking sector, and in 2008, we started to expand ourselves beyond the Cambodian borders, we expanded into Laos PDR, and in 2013, we expanded into Myanmar. So, beyond borders means we expand into ASEAN. Beyond banking is that we entered the securities sector,” he added.
ACLEDA’s drive to innovate contributed to a boost in other financial market functions to emerge in Cambodia. ACLEDA listed its shares on the Cambodia Securities Exchange (CSX) in May 2020, making it the country’s first commercial bank to be listed.
“ACLEDA always views its customers as builders of the bank. Listing allows customers to become owners of the bank,” Channy said.
According to the bank, ‘When There Was No Money’ tells ACLEDA’s story that began with a small group of teachers who were determined to build a business development project for demobilized soldiers in 1992.
The story traced the small victories, high risks, astounding triumphs, and brilliant attitudes of a group of people as they built a small project for demobilized soldiers into the largest commercial retail bank network in Cambodia by 2003.