ABA Bank, member of National Bank of Canada Group, has been selected as the best bank in Cambodia for the fifth consecutive time by influential financial publication Euromoney
The award was bestowed on ABA during the awards ceremony for winners across Asia at JW Marriott Hotel in Hong Kong on 18 July as part of Euromoney’s annual Awards for Excellence gala dinner.
Commenting on this success, Askhat Azhikhanov, chief executive officer of ABA said, “we are grateful to receive such a top honour from a well-respected publication in the financial world. As this is the fifth time we have been named the best bank in Cambodia, it certainly signifies that ABA is on the right track in providing modern and customer-centric products to Cambodian people and businesses as well as in improving financial inclusion in the country.
He added, “I also want to extend my sincere gratitude to our staff who focus every day on delivering the best banking experience and to express great thanks to our customers for their continued support and trust in ABA.”
Euromoney’s process in selecting a country’s best bank is based on quantitative and qualitative data collected over the past 12 months. The data includes information submitted by the participating banks, surveys to Euromoney’s network, as well as in-depth interviews with independent analysts in the banking and financial industry of that country. Additionally, major criteria include the bank’s strategy in improving risk management and cybersecurity, its advancement of digital banking product and strategy, expansion of geographic reach, its position and strength in the market as well as its year-on-year financial performance.
“ABA continues to be the leader in Cambodian banking and was rewarded with a 59% year-on-year increase in profit in 2017 to $46.19m. Total assets grew 49% to $1.64 billion and return on equity stands at 28.1%,” said Clive Horwood, Editor of Euromoney magazine.
“Backing from the major shareholder National Bank of Canada continues to bear fruit in guiding best practice. ABA pushes digitisation as far as is practical in Cambodia, launching its PayWay online payment gateway during our review period. The bank issued almost 100,000 new Visa, Mastercard and UPI cards in 2017 and has signed a 15-year partnership agreement with Manulife for life insurance,” he added.
Over the years, ABA Bank has received top honours from several prestigious international financial publications. In particular, The Banker magazine named ABA the “Bank of the Year” in Cambodia in 2014 and 2016, while Global Finance has recognised ABA as the “Best Bank in Cambodia” for four consecutive years between 2015 and 2018. The “Best Bank in Cambodia 2018” award from Euromoney is the fifth trophy from the magazine, adding to its growing list from 2014, 2015, 2016, and 2017.
About ABA Bank:
ABA Bank is one of Cambodia’s leading banking institutions founded in 1996 as the Advanced Bank of Asia Limited. Today, ABA offers the entire spectrum of high quality services to customer segments covering SMEs, microbusinesses, and individuals. With 55 branches, 121 self-banking kiosks and 230 ATMs across the country (as of 1 July 2018), ABA reaches out to a large number of customers with an array of modern financial services and digital banking solutions. At 1 July 2018, ABA Bank’s total assets equaled to US$2.03 billion, making it the fourth largest bank in Cambodia.
The major shareholder of ABA Bank is National Bank of Canada (www.nbc.ca), the sixth largest bank in Canada and the leading bank in Quebec where it is the partner of choice among SMEs.
About Euromoney magazine and Awards for Excellence:
Euromoney is one of the most prominent and trustworthy monthly magazines focused on business and finance. First published in 1969, the publication covered the re-emergence of the international cross-border capital markets. The Euromoney Awards for Excellence were established in 1992 and are the global benchmark for the banking industry. These annual awards cover more than 20 global product categories, best-in-class awards in all regions and the best banks in close to 100 countries around the world. Euromoney’s award decisions are made by a committee of senior journalists, chaired by Euromoney’s editor, following the receipt of detailed submissions from market participants and extensive year-round research into the banking and capital markets in the region by editors, journalists, and research team.