South Korean-owned PPCBank announced on Wednesday that its Board of Directors (BoD) has appointed Baek Jongil as president, effective April.
Baek previously held the position of CEO at JB Asset Management Co Ltd, a subsidiary of the Jeonbuk Financial Group, a major PPCBank shareholder. Baek succeeds Shin Chang Moo
With over 30 years of experience in the financial industry, he is no stranger to the Cambodian banking sector, having been a member of PPCBank’s BoD from September 2016 to August 2019, and has visited the Kingdom on several occasions.
“I am delighted with this new opportunity to take a deeper dive and make my contribution to the development of the banking sector in Cambodia.
“I have started my term at a rough time, with Phnom Penh and its neighbouring city of Takhmao in lockdown due to the recent community outbreak of Covid-19.
“This unprecedented pandemic had taken a heavy toll on many around the world. Our shareholders would like to convey, through me, that we are committed to serving the financial needs of Cambodian people through thick and thin,” said the newly appointed Baek.
In 2020, PPCBank’s total assets surpassed more than $1 billion, with the financial institution declaring a net profit of more than $16 million, with total equity of $155.055 million.
Baek said: “Despite the global recession caused by the deadly virus, we were able to stand tall thanks to all our clients. We are grateful for their loyalty and their choice. We will continue to improve our existing suite of products and services through the lens of data analysis to enhance our efficiency and effectiveness, delivering safe and easy banking.”
Visit https://www.ppcbank.com.kh/president-message/ for Baek’s full message.
Locally incorporated in September 2008, PPCBank, a subsidiary of JB Financial Group and OK Financial Group, is South Korean owned. PPCBank operates across Cambodia through 16 branches in Phnom Penh and seven in major provinces, in addition to its 65 ATMs.
PPCBank provides a full suite of products and services, ranging from deposits and loans, to modern digital mobile applications, as well as its internet-based corporate service ‘smartBiz’ and its ‘Mobile Teller’ for in-branch and remote consultations. PPCBank listed its corporate bonds on the Cambodia Securities Exchange in 2020.
PPCBank actively supports various CSR initiatives, being the first bank to empower those with hearing disabilities through its partnership with Socials Coffee, which can be found inside PPCBank branches. Other initiatives include support of the landmine-clearance NGO Apopo and its “HeroRATs”, who have been working to make Cambodia free of unexploded ordnance.