Plan to dive deeper into country’s ‘underbanked’ market comes amid mounting criticism of Cambodia’s government — including from Canada
National Bank of Canada is preparing to increase its bet on Cambodia this year, a decision that comes as the Southeast Asian country is facing increasing scrutiny and potential economic sanctions over its government’s human-rights record.
National Bank president and chief executive officer Louis Vachon told shareholders at the lender’s annual meeting in Quebec City on April 24 that they have the option of buying the remaining 10 per cent of ABA this summer, and that National intends to exercise that option. But National’s plan to dive deeper into that “underbanked” market comes amid mounting criticism of the country’s government — including from Canada.
They’re making a decision to invest in Cambodia at a time when the country isn’t exactly on the up and up when it comes to human rights and democracy The suspension could reportedly leave exporters facing hundreds of millions of dollars annually in new tariffs and workers facing layoffs. For the Cambodian economy’s important garment sector, buyers have already begun to pull back, according to Ear.
Cambodia has taken some positive steps, the European Commission’s vice-president said in February, including the release of some political figures and journalists. Ear, though, said there had been “little token gestures,” such as allowing for the return of opposition politicians, but only after those people wrote apology letters to the prime minister.
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