26 January 2015
The National Bank of Canada (NBC) announced
on Friday it has increased its stake in the Cambodia-based ABA Bank. NBC said
it had invested an additional $20 million into the Cambodian bank, taking its
overall stake to 42%.
NBC initially purchased a 9.99% stake in the
local firm in July last year and then upped its holding to 30% again in
September. ABA reported a $7.5 million net profit last year, an 85% increase
from 2013. Chairman of ABA said its deposits totaled $433 million for the 2014
financial year, with outstanding loans reaching $271 million.
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