ABA Bank, a member of the National Bank of Canada Group, is planning a new expansion in the kingdom, eyeing to raise 11 new branch offices by the end of this year.

Speaking during the relaunch of the bank’s head office yesterday, Askhat Azhikhanov, ABA’s CEO, said they are aiming to add 11 new branches to its existing 55.

He said the bank’s total assets have reached $1.8 billion, which makes ABA the fourth largest banking institution in Cambodia.

In 2014, the National Bank of Canada acquired 10 percent of ABA’s shares, and in 2016 it became a majority shareholder with a 90 percent stake.

Louis Vachon, president and CEO of National Bank of Canada, who was also present at the event, said both institutions are committed to assisting entrepreneurs and family-owned businesses in Cambodia through innovate digital banking solutions.

“We are investing in Cambodia for the long term,” he said.

“Our two institutions share a common goal: to become engines of social and economic development.

“ABA Bank will continue implementing and supporting local programmes and initiatives, as well as increasing the financial literacy of rural populations, supporting tech innovators and promoting sustainable initiatives related to education and poverty alleviation,” he said.