| Type | Private |
|---|---|
| Industry | Banking and Finance |
| Founded | Cambodia (1993) |
| Headquarters | Phnom Penh, Cambodia |
| Area served | Nationwide, Laos [1] |
| Products | Financial Services |
| Employees | 7,024 |
| Website | www.acledabank.com.kh |
ACLEDA Bank is a privately owned bank based in Phnom Penh, Cambodia with 232 branches nationwide, the most in Cambodia, and 7,024 staff members across all provinces and towns in the Kingdom of Cambodia and five provinces in Laos. ACLEDA has more than $900 million in total assets and ranks number one in deposits at over $670 million, with over $530 million in loans outstanding.[2]
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ACLEDA was established in January 1993, as a microfinance institution (MFI) for micro and small enterprise development and credit.[3] By 1998, the MFI was operating at a profit ensuring its sustainability, which led both its board and international partners to conclude it should be transformed into a commercial bank. With assistance from USAID, MPDF, IFC and UNDP, amongst others, a three year program for transformation to a commercial bank commenced in 1998. This transformation resulted in the bank receiving a Specialised Bank license on October 7, 2000 and then on December 1, 2003 ACLEDA Bank Ltd received a full Commercial Bank license and changed its name to ACLEDA Bank Plc.[4] In 2004, ACLEDA Bank Plc. was assigned first-time ratings by Moody's Investors Services, the first bank in Cambodia to receive an international credit rating, and in December 2007 it also received first-time ratings by Standard & Poor's Corporation. On February 1, 2007, ACLEDA Bank Plc. joined the International Finance Corporation's Global Trade Finance Program, providing the bank with guarantees over their trade obligations and allowing ACLEDA to extend its trade finance service offerings. In 2008, ACLEDA Bank Lao Limited opened with 3 branches in Laos. [5]
In accordance with Licence N° 01/BIS issued by the NBC on December 1, 2003 and Approval N° 052 issued on January 12, 2004 by the Ministry of Commerce, the Bank increased its total registered share capital from US$4,000,000 to US$13,000,000. Issued share capital was subsequently increased in 2006 to US$30,000,000 and in 2009 to US$68,150,000.[6]
Current shareholders include: ACLEDA NGO = 32%, ACLEDA Staff Association Plc (ASA) = 19%, DEG German Investment Corporation = 12.25%, Jardine Matheson = 12.25%, IFC = 12.25%, Triodos Doen = 6.14%, Triodos Fair Share Fund = 6.11%,[7]
In February 2010, ACLEDA Staff Association Plc. (ASA) announced the sale of 7.7% of ASA's issued shares to an investment syndicate led by Leopard Capital's Leopard Cambodia Fund, making it an indirect shareholder in ACLEDA Bank.[8]
ACLEDA Bank's main competitors are ANZ Royal Bank, Cambodia Public Bank, Canadia Bank, Maybank Phnom Penh, and Vattanac Bank.[9][10]
ACLEDA was issued a Counterparty Credit Rating in November 2008 of B+/B with a stable outlook by Standard & Poor's.[11] Moody's Investors Services issued ACLEDA a B1 rating with a stable outlook in June 2009.[12]
A noteworthy volume of the Bank's loans go to local entrepreneurs, especially women selling commodities such as rice, a market expected to experience significant expansion in coming years.[13] The World Bank’s International Finance Corporation awarded ACLEDA the Client Leadership Award, “in recognition of the Bank’s leadership in corporate governance, community involvement, environmental and social sustainability, and its commercial success”.[14]