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KUALA LUMPUR (December 9): Public Bank Bhd has denied any participation in a joint venture (JV) with G Capital Bhd to establish a new full-fledged commercial bank in Cambodia.
In a statement today, Public Bank clarified that one of the parties involved in the company, Datuk Phan Ying Tong, was acting in his own capacity as he resigned from all his positions at the bank.
Yesterday, G Capital announced that it signed an agreement with Phan and Cambodian company ES Packaging Co Ltd to jointly undertake the venture to establish the new bank called Oriental Bank Plc.
Phan is the former Indochina regional head of operations for Public Bank.
“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 Operations for Public Bank in Indochina.
“Following the resignation of Datuk Phan, he is no longer authorized to represent the Public Bank Group in any matter,” the bank said in its statement, without disclosing when exactly he resigned.
The Public Bank website previously reported that Phan had a total of 39 years of service with the banking group. He was a manager of various branches at Public Bank prior to his appointment as general manager of Cambodian Public Bank in 2002.
He was then appointed country head of the Public Bank of Cambodia in 2007 before his final appointment as regional head of Indochina operations in 2014.
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