Cambodia Rice: Canadia Bank backs rice mill in Takeo

Canadia Bank (ធនាគារ​កាណាឌីយ៉ា) is one of the largest local banks in Cambodia. The bank was established in 1991 and became privatized in 1998. It has 25 branches across the country.

Canadia Bank was established on 11 November 1991, as the Canadia Gold & Trust Corporation Limited, under a joint-venture with overseas Cambodians and the National Bank of Cambodia, and as a sole office financial institution managed by the former staff of the National Bank of Cambodia and Canadian Cambodian shareholders. The main activities were based on gold transaction, gold plaque manufacture and credit to local merchants.

In 19 April 1993, the name of the institution was changed to "Canadia Bank Ltd.", and subsequently to "Canadia Bank plc." on 16 December 2003, as a commercial bank registered under the Ministry of Commerce and the National Bank of Cambodia. Since privatization in 1998, the bank has become one of the largest local banks. It offers various financial services through its ten branches within Cambodia and 23 international correspondent banks,[1] and currently holds and plans to extend noteworthy agricultural interests. Visit Website of Canadia Bank


Canadia Bank backs rice mill in Takeo

Canadia Bank will launch a rice mill in Cambodia’s Takeo province in October, a move that insiders said could help curb the flow of unmilled rice to neighbouring Vietnam.

Bank officials yesterday said they will buy US$3 million in milling equipment, and the total cost of the facility was expected to be $10 million.

Equipment would be imported from several countries including Japan, Taiwan and China, and the mill would look to export to the European Union, China and the Philippines.

The plant would have a capacity of 600 tonnes of milled rice per day by 2013, Bun Khim, rice milling manager at Canadia Bank, said yesterday, adding that operation procedures were still unknown because the factory was in the planning stages. “Now we don’t know how to operate the plant because we are preparing the machines,” he said.

Doung Heng, the president of Takeo province’s Rice Millers Association, said that the operation of Canadia Bank’s rice milling would not be a competitive force among local rice millers, but it would curb the flow of unmilled rice to Vietnam.

“The operation is good for reducing the amount of unmilled rice to neighbouring countries. We cannot stop exporting paddy all at once, but we can reduce it by means of investment.”

Source: PPPost/31May2012

Thank you, Canadia Bank!

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