PM Orders a Well-known Commercial Bank to Change Logo

AKP Phnom Penh, February 17, 2017 –

Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, ordered here this morning the ACLEDA Bank Plc. to change its logo immediately in order to end the misunderstanding among the public. 

According to a press release of the Press and Quick Reaction Unit of Office of the Council of Ministers made public after the weekly cabinet meeting, Samdech Techo Hun Sen instructed the Ministry of Commerce to work with ACLEDA Bank to change its logo not later than three weeks to avoid people’s misunderstanding.

This order was made after some people still confused and misunderstood that private banks and microfinance institutions (MFIs) operating in the country belong to the state.

Samdech Techo Hun Sen has repeatedly reminded the public about this issue.

Currently, ACLEDA Bank is using ‘Hang’ (swan) – kind of Khmer mythological bird – as its logo, while it is also used by the Ministry of Economy and Finance.

Meanwhile, Samdech Techo Hun Sen commanded the authorities at the sub-national level to stop and withdraw themselves immediately from involving in any activities with MFIs.

ACLEDA Bank is a public limited company, formed under the Banking and Financial Institutions Law of Cambodia.

Originally, it was founded in January 1993, as a national NGO for micro and small enterprises’ development and credit, then it was licensed by the National Bank of Cambodia as a Specialised Bank on Oct. 7, 2000, and became a commercial bank on Dec. 1, 2003.

The bank has five subsidiaries – ACLEDA Bank Lao Ltd., ACLEDA Securities Plc., ACLEDA Institute of Business, ACLEDA Properties Ltd., and ACLEDA MFI Myanmar Co., Ltd.

At the end of January 2017, ACLEDA Bank has extended to 259 branches located in the provinces and towns across the country.

By Khan Sophirom

 

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