Canadian bank satisfied with local aquisition
National Bank of Canada saw strong growth on its investment in Advanced Bank of Asia Ltd (ABA Bank) after taking a 90 percent stake in the Cambodia-based lender last May, a banking executive said on January 25. “I am very satisfied with the performance of the bank as its growth continues,” Louis Vachon, CEO of National Bank of Canada, told reporters after the official launch of ABA Bank’s new logo – a design that combines elements of the two banks. He said both credit and deposits at ABA Bank surged last year. The bank’s outstanding loan portfolio doubled to nearly $1 billion by the end of 2016, from $484 million one year earlier. Meanwhile, deposits topped $800 million by the end of 2016, compared to $654 million a year before.
