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 »  Financial Information  »  Chairman's Report

Chairman's Report

Mr. CHHAY Soeun, Chairman of the Board of Directors

"On behalf of ACLEDA Bank Plc.'s Board of Directors, I am pleased to present the 2017 Annual Report to the shareholders and other stakeholders of ACLEDA Bank Plc."

The Cambodian Economy

The World Bank and the Asian Development Bank projected economic growth of 6.9% and 7% respectively for 2017. This growth continues to expand at a robust pace, propelled by export diversification, strong construction and tourism activities, better weather conditions, and a supportive fiscal policy.

Financial Sector

Because of peace, stability and sustained economic growth, there has been a significant expansion in the number of financial institutions in 2017, which now includes 39 commercial banks, 15 specialized banks, 75 microfinance institutions, 286 rural credit operators, 11 leasing companies, and 6 foreign bank representative offices. Rural Credit Operators are also expected to increase in the coming year.

We welcome the new regulations issued by the National Bank of Cambodia, which focus on and address the need to mitigate risks, protect the interests of stakeholders, and especially strengthen customer protection amongst many other mechanisms, with the optimal goal to guarantee sustainable growth in the financial sector.

ACLEDA Bank Plc.

In 2017, the Bank continued to implement its foremost goal, outlined in its five-year strategy 2017-2022, to be a regional commercial bank, "the Bank You Can Trust, the Bank for the People", with a competitive edge in relevant banking markets. Transparency provides its stakeholders with confidence in the long-term returns available as we continue to support the economic growth agenda and the Rectangular Development Strategy of the Royal Government of the Kingdom of Cambodia.

The Bank continues to strengthen its business model and facilitates the delivery of enhanced banking services to its clients in the public and private sectors that enables sustainable revenue streams into the future and ultimately benefits its shareholders.

This year and in the years to come, the Bank will continue to enhance its e-banking services to provide outstanding services and banking convenience to its customers and to be ready to serve its expanding customer base from 2017 onward with a digital bank strategy of which FinTech products are included.

An enabling business environment in Cambodia lent strong support to the business community including ACLEDA Bank Plc. The Bank was able to achieve its business plan, while the rating agency Standard & Poor's has maintained ACLEDA Bank Plc.'s rating at "B+" with an outlook "stable". This rate is a testament to the success in strengthening the Bank's governance, capital, franchise operations, and the ability to deliver a consistent performance.

Board Composition

The Board consists of ten Directors, three of whom are independent non-executive, five are non-executive of which the Chairman acts as the independent director, and two are executive directors. There were no changes in the composition of the Board during the year.

Corporate Governance

The Board and management have the responsibility to ensure that the Bank's operations are conducted in accordance with all applicable laws and regulations, and as a credible going concern for years to come.

In accordance with its terms of reference, the Board of Directors meets regularly four times per year. The meetings reviewed the executive management's performance, while the Board retains effective control over the Bank. The Board is assisted by Board Committees, which are responsible for different aspects of governance. They are the Audit and Compliance Committee, the Assets and Liabilities Management Committee, the Credit Committee, the Remuneration and Nomination Committee, and the Risk Management Committee. One additional Board Committee, the Information and Technology Committee, chaired by an independent non-executive director was set up during 2017.

The Outlook for 2018

According to the World Bank, Cambodia's economic growth is forecast to remain stable at just short of 7% in 2018. It has been said that Cambodia has begun to "climb up the manufacturing value chain" from garments to electronics and auto parts. In order to sustain these objective trends, Cambodia must embark on deeper structural reforms in improving the business environment, further diversifying exports, and lowering the cost of logistics by bridging the skills gap.


On behalf of the Board of Directors, I would like to thank our customers, shareholders, directors, executive management, and all staff of the ACLEDA Group for their support and efforts in implementing the Bank's strategy and in achieving its goals and objectives.

We also express our sincerest gratitude to the Royal Government of Cambodia, the National Bank of Cambodia, regulators, and all relevant authorities for their constant support and dedicated efforts to develop Cambodia's financial industry, especially the banking sector.

We reaffirm our commitment to all our customers and shareholders that in 2018 we will continue to focus on areas that represent the best opportunities for ACLEDA Bank Plc., to dedicate all our efforts to achieving a strong and sustainable growth rate, and to deliver on our strategic goals to enhance future returns as well as strengthening the position of ACLEDA Bank Plc. in the Kingdom of Cambodia and within the region.

Mr. CHHAY Soeun
Chairman of the Board of Directors
ACLEDA Bank Plc.
February 28, 2018

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