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Best Bank Awards

Cambodia's best bank for SMEs 2021: Canadia Bank

Canadia Bank

View full 2021 results
Raymond Sia, CEO and Executive Director, Canadia Bank.jpg
Raymond Sia, Canadia Bank

The Covid-19 pandemic, which led to weak export markets and hit living standards, did not stop Canadia Bank from maintaining the strongest balance sheet in the nation for a third consecutive year.

In the 12 months to September 2021, total assets rose 2.7% to $7.3 billion as Canadia tended to its 500,000-plus customers, with a 17.7% share of all commercial bank deposits. It’s quite a feat considering how competitive and overcrowded Cambodia’s banking scene has become, with more than 50 names competing for customers in a population that is half the size of Malaysia’s.

The real focus in the last 20 months has been micro, small and medium-sized enterprises – a sector directly on the frontlines of pandemic fallout.

Canadia, now in its 30th year, has some experience of dealing with crises. Back in 1997, for example, the bank’s headquarters were literally caught in the crossfire of factional fighting in downtown Phnom Penh. While most banks ceased operations, Canadia stayed open, allowing customers access to their accounts and honouring cheques, which helped to keep the physical economy going.

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