ABA Bank gets brand revamp

KHMER TIMES
SOK CHAN

ABA Bank’s new logo that shows its partnership with the National Bank of Canada. KT/Mai Vireak

Advanced Bank of Asia Limited (ABA Bank of Cambodia) officially unveiled a new logo yesterday, as it builds on its majority ownership by the National Bank of Canada.

The National Bank of Canada integrated the ABA Bank as part of its group after becoming the major shareholder in May last year.

Askhat Azhikhanov, CEO of ABA Bank, said this was an important milestone for ABA Bank and contributed significantly to the strengthening of ABA Bank’s market position.

“With such a strong shareholder, ABA Bank has grown quickly – taking advantage of the many opportunities to operate in a highly competitive environment,” said Mr. Azhikhanov.

“From now on, our branches and all corporate material will have the joint logo with ABA Bank and the National Bank of Canada,” he added.
“The new logo will serve to emphasize our traditional strength, our reputation in the market and our credibility.

Mr. Azhikhanov said the new logo will also help ABA Bank stand out from its competitors.

In July 2014, the National Bank of Canada acquired 10 percent of ABA Bank’s shares and increased its equity to 30 percent in September 2014. In January 2015, it further increased its control by 42 percent and in May last year it became a majority shareholder with a 90 percent stake in ABA Bank.

The bank said it was the first time that a North American financial institution had held a majority of shares in a Cambodian bank.

Louis Vachon, president and CEO of National Bank of Canada, said the ABA Bank branding was a symbol of the National Bank of Canada’s solid commitment to the Cambodian market.

“Today, with the new branding we are clearly saying that ABA will be integrated as part of the National of Bank of Canada group,” Mr. Vachon said.

“We are satisfied with the performance of the bank since we first started investing in 2014. The growth of the bank is continuing over time – and it is good, high-quality growth.”

Mr. Vachon added that by the end of 2016, ABA Bank’s growth was about 30 percent with its loan portfolio close to $1 billion and deposits amounting to $900 million.

He said ABA Bank was trying to have a good balance between loans and deposits since the bank did not want its loan-to-deposit ratio to be too high.

Currently, ABA Bank loans are targeting local residents especially those in small enterprises and family-owned businesses.

There are 42 branches in both Phnom Penh and the provinces. By 2020, according to Mr. Azhikhanov, ABA Bank will have branches all across the country.

Next year ABA Bank will upgrade its services to include digital platform banking or self-banking, Mr. Azhikhanov said.