Malaysian banking firm Public Bank has expanded its footprint with the establishment of a general insurance subsidiary in Cambodia, CampuBank Lonpac Insurance, Bernama has reported.
<p>According to the publication, the subsidiary is 55%-owned by Public Bank, while the remaining 45% is held by LPI Capital. It will conduct general insurance business, offering services such as fire, motor, engineering and personal accident insurance. <br /><br />The newly established unit commenced business on August 30, 2007 after obtaining an insurance license from Cambodia's Ministry of Economy and Finance, the publication added. <br /><br />In a statement, cited in Bernama, the bank said: With the strong growth of the Cambodian economy, there is potential for the development of the insurance industry in the country.</p>