AMK joins the SCSB family: Press conference and Gala Event
In September 2018 AMK MFI Plc, one of Cambodia’s leading and largest microfinance institutions, become a member of the Shanghai Commercial & Savings Bank, Ltd., (SCSB). Both institution leaders believe that joining as one family will bring in banking experiences, capital and drive AMK to implement its strategy in achieving its goals.
On Wednesday 28th November 2018, AMK hosted a press conference in Phnom Penh to formally announce the acquisition.
Speaking to the press, Tanmay Chetan, Chairman of AMK and CEO of Agora Microfinance N.V., AMK’s previous principal shareholder, said: “Over the last 15 years, AMK has continued to reach large numbers of mainly rural customers through a range of financial products and services. Today it offers deposits, loans, micro-insurance, leasing, housing finance products as well as money transfer services to its customers all across the country. As we look ahead, we believe that AMK’s future lies in not just expanding into other segments of the market, but continuing to efficiently deliver its products and services to its core market of rural Cambodian households. In this, we believe we have found the ideal partner in SCSB.”
AMK’s CEO, Kea Borann added, “We are excited to be a part of SCSB. SCSB’s participation in AMK will allow us to work better as it will be able to strengthen human resources, source funds and utilise the bank’s advanced technologies. I believe that working together with SCSB will help us to provide better financial services and give confidence to Cambodians, especially our rural clients”.
SCSB’s EVP and Chief Information Officer, John Yung, said in his remarks that “SCSB made its decision to invest in AMK not only because of its financial strength and social mission but the confidence in its management and staff. We look to AMK management team and staff to continue its social mission and will assist in Capital needs, Corporate Governance and technology needs. At SCSB, employee is its most important asset and I believe AMK’s most important asset is also its employees. I see the employees at AMK do not treat their work as just a job but view it as important to better the future of the Cambodian people and carries the responsibility to meet AMK’s social mission.”
AMK is a leading Microfinance Institution in Cambodia in terms of outreach and borrower numbers. As of September 2018, AMK reaches 89% of total villages in Cambodia, with over 830,000 clients, a loan portfolio of over USD244 million, and deposits of more than US$ 143 million. AMK provides a variety of financial services including Loan, Deposit, Money Transfer, Micro Insurance, Personal Accident Insurance, Payment Service, Payroll Service, Mobile Banking, ATMs, and CDMs.
SCSB and AMK also hosted a gala dinner as a celebratory announcement of their partnership, which was attended by Excellencies and Dignitaries from the National Bank of Cambodia, board members and senior management of AMK and SCSB, and many other dignitaries and guests. The theme of the event was One Family-Great Synergy-Bright Future.