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ACLEDA Bank Enhances Protection for Customers' Assets

January 16, 2007

Front row standing: Mr. In Channy, President & CEO of ACLEDA Bank and Mr. Pascal Brandt-Gagnon, General Manager of Asia Insurance (Cambodia)

Phnom Penh — January 16, 2007 — ACLEDA Bank Plc, the country's foremost retail bank has signed an agreement with Jardine Lloyd Thompson Asia (JLT), a leading supplier of insurance and risk management services and the largest UK insurance broker listed on the London Stock Exchange, and Asia Insurance (Cambodia) Plc. to arrange a comprehensive insurance package to cover the bank's business in Cambodia. The agreement provides for Bankers Blanket Bond, Electronic and Computer Crime, Directors & Officers Liability and Company Reimbursement insurance. It is believed that ACLEDA is the first bank in Cambodia to put in place such an inclusive insurance package which covers such risks as theft of cash and other securities, fraud and embezzlement, forgeries and counterfeiting of valuable documents, computer fraud and malicious attack on the bank's systems and third party liability of its directors and senior management.

JLT Asia's Director of Financial Solutions, Shan Sagoo, said "The dynamic business in which banks operate is made even more complex by the pervasive threat of fraud. The Basel committee on Banking Supervision has identified fraud as amongst the greatest sources of potential operational losses. To combat fraud, constant vigilance through a comprehensive set of internal controls, coupled with insurance as a second line of defence is necessary. ACLEDA Bank's recognition of the role of insurance as a risk mitigate and Asia Insurance's acceptance of this risk bode well for the growing confidence in the Cambodian banking sector."

Left to right: Mr. Chea Sok, Mrs. Shan Sagoo, Mr. In Channy, Mr. Pascal Brandt-Gagnon, and Mr. John Brinsden

Asia Insurance (Cambodia)'s General Manager, Pascal Brandt-Gagnon, stated that "Asia Insurance is proud to be at the forefront of the development of the insurance industry in line with the development of the banking sector. Both industries, and their respective markets alike, can benefit from a growing symbiotic relationship which should see the introduction of a broad range of bancassurance programs tailor made to protect the assets of the depositors. This developing relationship bodes well for both the future of Cambodia's financial services industry and public confidence in this sector alike."

ACLEDA Bank's Chairman, Mr. Chea Sok, a former central banker and economist, explained why the bank felt the need for this additional cover when it had only recently reinforced its financial position with a US$17 million capital increase. "In fact the two are complementary parts of the same strategy", he said, "and taken together are designed to increase the security we offer to our customers and others who depend on us to protect their assets. Whilst the capital increase strengthens the bank's ability to grow the business and meet day-to-day risks, the Bankers Blanket Bond provides additional cover against unexpected events which could have a serious impact on our financial stability. The rapid evolution of the Cambodian economy as well as ACLEDA's own dramatic growth create their own pressures and in keeping with our 'risk averse' policy our Board of Directors determined to implement the same insurance cover normally taken out by the best banks in other parts of the world."

Mr. In Channy, President and CEO, noting that the bank now operates 156 offices nationally and plans to open 51 new outlets in 2007, added that "With ACLEDA constantly expanding and adding new products and services our business is becoming increasingly complex and it is important that both our customers and the bank itself should enjoy the best protection available for their assets. The doubling every year of our funds transfer business and the forthcoming launch of our ATM network to provide 24 hour banking 7 days a week in Phnom Penh and the provinces means that we must make every effort to ensure that all risks are covered. The over 140,000 customers who entrust us with their deposits, all of which are reinvested in Cambodia, have every right to expect the bank to take the best care of their money."

For more information contact:

Mrs. So Phonnary, Senior Vice President & Head of Marketing Division

Mr. Prom Visoth, Senior Vice President & Head of Legal Division

Please click here to view the definition of an agreement

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