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MFIs As One Commercial Bank
MFIs As One Commercial Bank
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Lim Hua Min (L), chairman of the PhillipCapital group of companies, and Kredit Microfinance Institution CEO Chan Mach field questions at a press conference in Phnom Penh on Friday, Dec. 21, 2012. Photograph: Heng Chivoan/Phnom Penh Post
PhillipCapital, a Singapore-based integrated financial services provider and a majority stakeholder in three of Cambodias micro-finance institutions (MFIs), plans to consolidate the three into a commercial bank. Executive chairman Lim Hua Min told a press conference on Friday that Cambodias MFI sector was in line with improving economic activities. The companys decision to invest in the countrys MFI sector is another contribution to the growth of the sector. PhillipCapital is working with the three local institutions, KREDIT, CBIRD and First Finance. We will consider this possibility, as we are open to growing our operations organically or via acquisitions and mergers, Lim said. Although it is not currently on our agenda, we are open to work with other peer MFIs, so that, together, the larger company will be able to maximise its social impact on the community in Cambodia. In terms of maximising our social impact on the community in Cambodia, there are obvious synergies among the three MFIs that we have invested in. In the longer term, we will consider consolidating our MFIs and perhaps even become a commercial bank at the appropriate time, but we will retain a strong focus on being a banker to the poor.
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