ACLEDA Bank - History

History

With the ILO and UNDP as godparents, ACLEDA was established in January, 1993, as a national NGO for micro and small enterprise development and credit by a group of founders listed below. From its earliest days it enjoyed the support of a number of major international development agencies whose contribution is gratefully acknowledged in ACLEDA's 'Roll of Honour.' Two factors, namely expansion of its network to cover all of Cambodia’s provinces and towns and its ability to operate at a profit to ensure its sustainability, led both its board and international partners to conclude that it should be transformed into a commercial bank. This would not only provide a secure regulatory framework lacking under its previous status but would enable it to enlarge its range of funding options (e.g. equity injection, taking public deposits, obtaining commercial interbank loans) to support the expansion of its core micro-finance business. With assistance from USAID, MPDF/IFC and UNDP—to name a few—a three-year program for transformation commenced in 1998 which culminated in the granting of a specialised banking license in October 2000.

Under the process, the original NGO has transferred its assets and on-lent its liabilities (long term loans from donors) to the new ACLEDA Bank. In return, it has received 44.91% of the bank’s capital of US$4 million; the ACLEDA Staff Association (‘ASA’), a trust established to give its staff an equity interest, has purchased 6.09% and the remaining 49% has been taken up in equal parts by four foreign investors, namely the International Finance Corporation (a division of the World Bank), DEG (Germany), FMO and Triodos Bank (The Netherlands). It is intended that ACLEDA Bank will seek a listing on a stock exchange at some time in the future.

Since December 1, 2003, ACLEDA Bank was licensed as a Commercial Bank after having tripled its capital to US$13 million, and was named ACLEDA Bank Plc. On November 30, 2006, ACLEDA Bank raised its issued and paid-up capital from US$13 million to US$30 million. On January 4, 2008, ACLEDA Bank celebrated its fifteenth anniversary and raised its issued and paid-up capital from US$30 million to US$50 million.

On January 23, 2009, the capital of ACLEDA Bank Plc. was increased from US$50 million to US$60 million and further increased on June 12, 2009 to US$68.15 million. On June 3, 2011 the bank increased its capital to US$78 million and further increased to US$88 million on February 6, 2012.

On May 25, 2012, ACLEDA Bank has raised its issued and paid-up capital from US$88,372,500 to US$113,169,560.