ABA Bank CEO Askhat Azhikhanov (right) and CAIC Chairman Charles Vann sign the Corporate Bond Agreement. SUPPLIED
ABA Bank announces its investment of $30 million in the corporate bond issued to fund the development of the Techo International Airport – formerly known as the new Phnom Penh International Airport.
The signing ceremony for the investment between ABA Bank, Overseas Cambodian Investment Corporation Ltd (OCIC) and Cambodia Airport Investment Co Ltd (CAIC) was held on December 14.
Strongly endorsed by Prime Minister Hun Sen, the airport is expected to become a large transportation hub and increase the Kingdom's investment and tourism attractiveness.
Askhat Azhikhanov, the CEO of ABA Bank, commented on the investment: "We are proud to participate in the construction of this landmark achievement of Cambodia – the Techo International Airport.
"Here at ABA, we believe that this impressive project will not only advance Cambodia on the economic map of the region, but will also give an impulse to the further growth of the tourism and logistics sectors of the Cambodian economy."
The investment aligns with the mission of ABA, where the bank sees itself working in partnership with Cambodian businesses and people.
The bank has been continuously contributing to the steady development of the country. As such, ABA shareholders invested $1.2 billion to the capital of the bank, including almost $1.1 billion in equity and $100 million in subordinated debt.
ABA shareholders believe in the potential of the Cambodian economy and re-invest all profits in the further development of ABA and its staff.
Supporting the socio-economic and infrastructure development, ABA delivered $200 million of taxes into the state budget over the past five years.
The bank was honoured to receive an appreciation letter from Prime Minister Hun Sen for the contribution to the national economy as the 12th largest taxpayer in Cambodia in 2020.
ABA assists the real sectors of the economy via financing sustainable and productive businesses of all sizes and has already provided $5.2 billion in loans.
Currently serving almost two million customers, the bank also develops the country's digital infrastructure which facilitates the local economy to be more effective.
The ABA Mobile banking app alone has helped businesses and individuals process around 400 million transactions worth $210 billion in the past five years.
ABA's strong commitment to the country's development can also be seen in it employing almost 7,000 professional local staff at 80 branches and outlets, while constantly investing in staff training and development.
In line with its corporate social responsibility principles, ABA Bank regularly participates in donations and charity programmes.
In the past three years, the bank has provided around $1.5 million in aid, having supported the health sector, sports, education and financial inclusion activities, and the government's efforts in fighting Covid-19.
With the $30 million investment in the Techo International Airport guaranteed bond, ABA Bank again expresses its commitment to contributing further to the economy and wellbeing of society in line with the development strategy of the Cambodian government.
About ABA Bank
ABA Bank is a leading Cambodia private financial institution founded in 1996. As of November 30, 2021, the bank's total assets amounted to US$7.7 billion.
With 80 branches, more than 780 self-banking machines and advanced online banking and mobile banking platforms, ABA Bank reaches out to a large number of customers with an array of modern financial services.
About OCIC
OCIC is the largest investment group and local conglomerate in Cambodia. The company's core expertise is in real estate development, construction, property management, the education and medical sectors, shopping malls, hotels, rice mills and manufacturing, among others, with notable projects such as the Techo International Airport, Diamond Island City, Norea Island, Chroy Changvar Satellite City and Olympia City Complex.
About CAIC
CAIC is a joint venture between the Royal Government of Cambodia represented by the State Secretariat of Civil Aviation and OCIC. The Cambodian government has granted CAIC the rights to own, design, construct, finance, operate, maintain and manage the Techo International Airport project.
