(Updated)

Public Bank denies involvement in JV to set up new bank in Cambodia

Public Bank denies involvement in JV to set up new bank in Cambodia
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KUALA LUMPUR (Dec 9): Public Bank Bhd has denied any involvement in a joint venture (JV) with G Capital Bhd to set up a new full-fledged commercial bank in Cambodia. 

In a statement today, Public Bank clarified that one of the parties involved in the venture, Datuk Phan Ying Tong, was acting in his own capacity as he has resigned from all of his positions in the bank.

Yesterday, G Capital announced it has entered into an heads of agreement with Phan and Cambodian firm E S Packaging Co Ltd to jointly undertake the venture to establish the new bank named Oriental Bank Plc.

"The Public Bank Group wishes to clarify that Datuk Phan Ying Tong had resigned from all his positions within the Public Bank Group and is no longer the Regional Head of Public Bank’s Indo-China Operations,” the bank said in its statement. 

"Following Datuk Phan’s resignation, he is no longer authorised to represent the Public Bank Group in any matters," it added, without disclosing when exactly he resigned.

Meanwhile, Phan also came out with a statement to clarify his position.

“I wish to clarify that my collaboration with G Capital Bhd and others in setting up a full-fledged commercial bank in Cambodia will be undertaken under my personal capacity,” he said.

“While I have previously served as Public Bank Bhd's regional head for Indo-China operations, I no longer represent the bank in any role following my resignation,” he added.

Public Bank's website previously reported that Phan had 39 years of service with the banking group including as general manager, and later country head of Cambodian Public Bank. 

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