Public Bank refutes involvement to set up commercial bank in Cambodia

KUALA LUMPUR: Public Bank Bhd has denied any involvement in a joint venture (JV) with G Capital Bhd to set up a new full-fledged commercial bank in Cambodia.

In a statement today, Public Bank said one of the parties involved in the venture, Datuk Phan Ying Tong, was acting in his own capacity as he had resigned from all of his positions in the bank.

It said Phan was no longer the regional head of Public Bank’s Indo-China operations.

“Following Datuk Phan’s resignation, he is no longer authorised to represent the Public Bank Group in any matters,” it said.

Phan, meanwhile, clarified that his collaboration with G Capital and others in setting up a full-fledged commercial bank in Cambodia would be under his personal capacity.

“While I have previously served as Public Bank Bhd’s regional head for Indo-China operations, I no longer represent the bank in any role following my resignation,” he said in a statement today.

Yesterday, G Capital announced that it had received approval in principle from Cambodia’s central bank to set up a full-fledged commercial bank in the country with other partners.

In a filing to Bursa Malaysia, G Capital said it had entered into a heads of agreement with Phan, as Public Bank’s Indo-China operations regional head and Cambodian firm E S Packaging Co Ltd, to jointly undertake the venture.

“Specifically, the HoA has been structured to outline the preliminary undertakings and obligations of the parties with a view to enter into legally binding definitive agreement between the parties to establish ‘Oriental Bank Plc’,” G Capital said.

G Capital said it would hold not less than 20 per cent of the issued shares of the new company, while Phan would have a 51 per cent stake and E S Packaging a 20 per cent stake.

The balance of nine per cent will be held by an additional investor to be identified by Phan or E S Packaging.

Source: NST