One of Cambodia’s newest commercial banks – Cambodia Post Bank PLC, opened in September 2013 – aims to provide superior banking services to Cambodia’s micro and small- to medium-size businesses.

If the bank’s first year of operations is anything to go by, the future looks bright for Cambodia Post Bank, which turned a profit in the past 12 months.

“It has been a very good year for the bank when we look back on our achievements, in terms of profitability, the size of our assets, our people, and our network,” Cambodia Post Bank CEO Toch Chaochek said.

The CEO said Cambodia’s strong year-on-year economic growth, a continued global recovery and a return to stability in Cambodia’s economic environment gives him confidence that the sector is moving in the right direction.

“In 2014, we put efforts into improving our brand.

Our brand shall at all-times look appealing to the growing and affluent mass markets who seek financial products and services which reflect their lifestyle aspirations and confidence,” he said.

And the hard work has paid off, according to Chaochek, who said the bank exceeded its own expectations in the mass-market segment this year.

By the end of October 2014, Cambodia Post Bank acquired more than $126 million in total assets and achieved an income of close to $7 million. The bank’s loan portfolio is more than $78 million and holds close to $86 million in deposits.

With more than 12,600 clients nationwide, Cambodia Post Bank now has 26 branches and more than 750 employees.

Through extensive investment in human resources, information technology, risk management and operating systems, Chaochek said the bank is well placed to continue its expansion.

Next year, Cambodia Post Bank will expand its branch network up to 39 branches. The bank will also launch a debit card service, as well as mobile banking, in order to respond the needs of customers and provide them with convenient, 24-hour services, seven days a week.

Cambodia Post Bank – a strategic partnership between Canadia Investment Holding Plc Cambodia’s Ministry of Post and Telecommunications and Singapore’s Fullerton Financial Holdings Pte Ltd – aims to be one of the top 10 commercial banks in the country within the next five years.

“Competition will undoubtedly intensify within the industry as well as bring new entrances. However, CP Bank is confident of having a solid ground and the right formula of working with clients to reap good returns in the long term,” he said.

At the core of the bank’s development is risk management, which Cambodia Post Bank has been able to establish as an independent function with some help from its strategic shareholders in the Asia-Pacific region – in particular in Singapore.

“We are also working on refining our existing product range in relations to terms and conditions, and pricing to ensure our products are competitive. In addition, we are creating various new products to be delivered to meet the needs of our clientele,” Chaochek said.