Fast-growing Cambodian bank eyes cross-border growth
When In Channy took over the Association of Cambodian Local Economic Development Agencies (Acleda) in 1993 he found himself managing an odd assortment of loan officers. “I was from a refugee camp in Thailand, some of my colleagues used to work for the government, and others were from the non-communist resistance movement, so we were from multi-backgrounds,” Channy recalled. “But I asked them all to avoid criticism and the misuse of funds.” Channy, 56, is now Cambodia’s best known banker, having overseen the transformation of Acleda from a tiny nonprofit microfinance institution with about $13,000 in funding from the United Nations Development Program and Agence Francaise de Developpement into the country’s biggest bank.
