The Cambodia's Leading Bank, SBI LY HOUR Bank is Officially Launched

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The Cambodia's Leading Bank, SBI LY HOUR Bank is Officially Launched

By Cambodianess
September 16, 2022 10:25 AM

Phnom Penh: SBI LY HOUR Bank, which is a joint venture by Neak Oknha Ly Hour and SBI Holdings Inc, was officially launched last September 14th, 2022, at Sofitel Phnom Penh Phokeethra Hotel.

The grand opening was presided over by His Excellency Chea Chanto, Governor of the National Bank of Cambodia and His Excellency Mikami Masahiro, Ambassador of Japan to the Kingdom of Cambodia and as well as many other distinguished national and international guests.

SBI LY HOUR Bank was formerly known to the public as a Ly Hour Microfinance Institution, which was transformed into a commercial bank after obtaining a banking license from the National Bank of Cambodia on March 23rd, 2020, with the joint venture from strategic business partner, SBI Holdings. The large investment of giant companies from Japan in the banking sector proves that Cambodia is a country of peace, stability, and potential economic growth in the region with the constant development and potential human resources within the banking sector as well as other sectors that help grow the Cambodian economy.

As a strategic direction for the future and in line with the Royal Government Cambodia's economic recovery plan, the Bank's business direction will focus on strengthening digital system and advanced technologies, including advanced core banking system, mobile banking, and other digital means to provide the bank's customers as well as citizens across the country with the best possible financial services experience. The bank will increase the number of ATMs and continue to further develop the bank's products and services in collaboration with potential business partners and stakeholders to meet market needs and in accordance with the national strategy, which is specifically supported by the National Bank of Cambodia. Concurrently, the bank also plans to expand the number of branches to increase the scope of customer service everywhere, to the village and commune with the best bank's reputation.

Neak Oknha Ly Hour, Chairman of the Board of Directors of SBI LY HOUR Bank, said, “Due to our strong commitment, we have been able to transform ourselves from Ly Hour Microfinance to SBI LY HOUR Commercial Bank successfully.”

He also stated that the purpose of establishing SBI LY HOUR Bank is to improve the banking industry by partnering with experienced international investment holding group, helping Cambodians, dealers, and businesses to experience fast, reliable digital banking with a focus on micro, small and medium, commercial, and other financial and leasing services.

"I still want to see Cambodian people benefit, and grow through professional financial services, therefore SBI LY HOUR Bank has a major goal for a fast and massive expansion across the country’s local and potential areas”, said Neak Oknha Ly Hour.

At the grand opening, SBI LY HOUR Bank ensures the safety and secured high interest rate up to 7.75%, while home loans can be up to 95% of total property’s value with low interest rate from only 0.64% per month and loans up to 25 years.

In addition, SBI LY HOUR Bank is launching a mobile banking application for everyone to simply download and create their accounts in a minute. To download, click here onelink.to/sbilhmobileapp.

SBI LY HOUR Bank is the Commercial Bank, which is co-founded during the global financial crisis Covid-19, by Ly Hour Microfinance Institution in partnership with SBI Holdings Inc. Currently, SBI LY HOUR Bank is home to more than 1,530 employees and 46 branches. In which there are 6 branches located in Phnom Penh and 40 branches in the provinces. This is including: Credit portfolio increased to more than $ 630 million, deposits of $ 600 million and total assets reached more than $ 760 million by the end of August 2022.

Lastly, Neak Oknha Ly Hour expressed his deep gratitude to His Excellency, the Senior Minister, and the Minister, Secretary of State, Undersecretary of State, Lok Chumteav, Neak Oknha, Oknha, ladies and gentlemen, business partners and distinguished national and international guests for attending the Official Opening Ceremony of SBI LY HOUR Bank and wish all of them to meet all Buddha's blessings, success and prosperity in your business.