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Annual Report 2014

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Annual Report 2014

Operational Highlights

Operating provinces capital cityOperating districtsOperating communesOperating villagesOfficesTotal ATMsTotal staffStaff productivity (CO) Average loan size (US$)Portfolio at risk (PAR %)Total borrowersTotal loan portfolio (US$)Total depositorsTotal deposit balance (US$)Total Assets (US$)

Operational Highlights

2012

24189

1,236 7,499

121 15

1,278 174,598

1,379 0.12% 74,559

101,783,159 108,037

44,254,970 122,972,865

2013

24 188 1,456

8,832 136 37

1,613 206,328

1,746 0.06% 83,416

144,194,570 143,519

82,473,575179,572,686

25191

1,574 9,852

142 72

1,911 306,233

2,486 0.03%

100,636 249,680,252

190,652 172,333,352316,363,805

2014

2012(US$)

14,279,927101,783,159

2,532,4631,933,6242,443,692

122,972,865

44,254,97052,537,677

629,295561,681

3,102,184101,085,807

21,157,739729,319

21,887,058

23,200,630(6,574,601)

740,184(11,684,913)

(315,068)(947,859)4,418,373

Financial Highlights

AssetsCash on hand and in the bankLoans to customers netProperties and equipment Intangible assets Other assetsTotal assets

LiabilitiesDeposits from customers BorrowingsProvident benefitsProvision for income taxOther liabilitiesTotal liabilities

EquityCore capitalPerpetual sub-debtsTotal equity

Income and expensesInterest incomeInterest expensesOther operating incomeGeneral and administrative expensesProvision for bad and doubtful loansIncome tax expensesNet profit for the year

56,266,186

249,680,2524,311,0241,163,3114,943,032

316,363,805

172,333,35295,615,748

1,285,2081,760,2296,624,553

277,619,090

38,015,396729,319

38,744,715

45,496,801

(16,881,286)282,218

(19,609,362)911,897

(2,078,333)8,121,935

2013(US$)

27,303,706144,194,570

3,273,2771,574,4863,226,647

179,572,686

82,473,57566,659,947

912,518842,182

3,421,086154,309,308

24,534,059729,319

25,263,378

30,035,239(9,556,305)

480,916(15,093,031)

(510,928)(1,095,896)

4,259,995

Financial Highlights

2014(US$)

Responsibility to clients Female borrowers 76% 70% 70%Rural coverage, borrowers 80% 79% 81%Client retention rate 78% 77% 81%Percentage of clients below low income line (2.5 USD a day) 31% 29% 29%Credit history checked, Credit Bureau 100% 100% 100%Financial literacy program, number of clients 139 304 309 Micro-insurance, number of borrowers - - 1,111 Responsibility to Staff Female staff 24.88% 26.84% 27.84%Staff retention rate 93.51% 93.30% 90.74%Number of course trained per staff 5 9 7 Responsibility to Government (in US$) * Prepayment of profit tax 238,305 307,408 455,100 Tax on salary and fringe benefits 351,656 443,855 561,744 Withholding tax 1,016,424 1,345,739 1,745,401 Annual tax return 641,586 815,036 1,734,172 Total 2,247,971 2,912,038 4,496,417

Social Performance Highlights 2012 2013 2014

* Hattha Kaksekar Limited disclosed only material amount paid to the General Department of Taxation.

Social Performance Highlights

Cambodia Economic ReviewCambodia Economic ReviewCambodia’s Economic Indicators

Growth and Consumer Prices Real GDP (% change yoy) Nominal GDP (millions US$) Consumer price index (% change yoy)

Public Sector Government revenue (% GDP) Government expenditure (% GDP) Government balance, excluding grants (% GDP) Government balance, including grants (% GDP) Foreign Trade and Investment

Trade balance (millions US$) Exports of goods (millions US$) (% change yoy) Imports of goods (millions US$) (% change yoy) Foreign direct investment (millions US$) Financial Markets Deposit in the banking system (% change yoy) Outstanding loans in the banking system (% change yoy) Deposits to GDP (% change yoy) Loan to GDP (% change yoy) Exchange rate (riel/US$, eop)

Sources: National data sources; IMF; and World Bank staff estimates e = estimate f = forecast p = projection

Main Economic Indicators 2012

7.314,188

2.5

15.321.0-5.7-3.3

-2,4565,633

7.98,089

20.61,405

29.735.147.3

413,995.0

2013e

7.415,373

4.6

15.121.5-6.4-2.7

-2,5986,890

22.39,489

17.31,299

12.225.2

4949.8

3,995.0

2014f

7.216,367

5.0

16.120.4-4.3-2.5

-2,9088,193

18.911,102

17.01,380

21.316.2

5350

4,065

2015f

7.517,759

5.5

16.420.9-4.5-3.5

-2,9569,700

18.412,656

14.01,400

N.AN.AN.AN.A

4,076

2016f

7.219,173

6.0

16.421.3-4.9-3.3

-2,85611,572

19.314,428

14.01,450

N.AN.AN.AN.A

4,050

Table of Contents

Corporate Information01

Business Review02

Financial 03

General Information04

Vision & Mission 01Milestones / Company Profile 02Remarks from Chairman of the Board of Director 04Remarks from President & CEO 06

Corporate Capital Structure 08Organizational Structure 11Board of Directors 12Management Team 15Customer Profile 22Market Share 23Financial Products and Services 24Human Resources 31Social Performance Management 33Risk Management and Compliance 36

Report of the Independent Auditors 37 Financial Statement 39

Award, Rating, Network and Partners 43Coverage Areas and Distribution Networks 45Contact Addresses 46

Highlights

-

To be the leading, sustainable microfinance provider, helping clients to succeed in their businesses by providing suitable financial services to contribute to the development of Cambodia.

HKL is committed to long-term social and financial sustainability and improving the income of its clients. HKL provides loans, savings, and other inclusive financial services countrywide, in particular to women and low income families in rural areas.

Annual Report 2014 2

Cambodia Economic ReviewCambodia Economic ReviewMilestones / Company Profile

1994 A food security project was established by OCSD/OXFAM–Quebec, a Canadian organization, which provided loans to rural people in four communes of Pursat province.

1996 The food security project was registered with the Ministry of Interior of Cambodia as a non-govern-mental organization (NGO) called Hattha Kaksekar. In Khmer, “Hattha Kaksekar” means “Farmer’s Hand” or “A Helping Hand for Farmers”. The Head Office of Hattha Kaksekar NGO was based in Pursat province.

2001 Hattha Kaksekar (HK) NGO was registered with the Ministry of Commerce with paid-up capital of USD 77,850 to transform itself into a limited company with a new name, Hattha Kaksekar Limited (HKL). At the same time, HKL was granted a three-year license by the National Bank of Cambodia to operate microfinance services across Cambodia.

2003 HKL increased its paid-up capital from USD 180,000 to USD 257,850. This came from capital investment from CORDAID, based in the Netherlands. CORDAID held 19 percent of the total shares and became the fifth shareholder of HKL in addition to the existing shareholders: HK NGO, HK Staff Association, Solidarité Internationale pour le Développement et l’ Investissement (SIDI), and a private shareholder.

2007 The savings account and configured systems were put in place. Meanwhile, HKL increased its capitalfrom USD 257,850 to USD 1,339,700. Due to its sustainability in terms of finance, operation and governance, HKL was offered an MFI permanent license by the National Bank of Cambodia.

2008 There was a new capital injection from Oikocredit, Norfund and Triple Jump in HKL. Thus, paid-up capital of HKL increased to USD 2.7 million. Within the year, HKL introduced the Local Money Transfer Service to its clients and the public to adapt to their changing needs.

2010 HKL was offered an MDI “Micro-Finance Deposit Taking Institution” License by the National Bank of Cambodia due to the sustainability of its operations and finances. This license disclosed one of HKL’s successes in providing customers with financial services, permitting HKL to officially mobilize savings from the public. Remarkably, in response to the company’s strategy to transform itself into a commercial bank in the future, the MIS team was working on equipping the Core Banking System to provide a prompt and efficient service.

2011 HKL had already installed the new Core Banking System as planned. The new system enables customers to withdraw their money as needed at all HKL offices. At the same time, after an institutional rating to evaluate its banking business was conducted by Microfinanza Rating, HKL received a grade of “A-” which reflects very good operation and performance. This means that the institution is stable despite beingaffected by major internal and external events, and that the risk is being appropriately monitored and managed to minimize its effects.

Annual Report 20143

2012 Hattha Kaksekar Limited’s new Core Banking System successfully went live across the company’s distribution network. This new on-line system increases the effectiveness of HKL’s business operations. This investment facilitates the offering of a wide range of financial services and serves customers quickly and conveniently through cash machines and mobile banking services. With ultramodern ATM and mobile banking services, customers can perform many new transactions including cash deposits, funds transfers, remittances, mobile top-up and currency exchange, etc. The ATM service was publicly launched in late 2012.

2013 This was a year of innovative and creative new products and services. Many products and serviceswere ready for implementation such as green loans, student loans, and SMS notification services. In addition to providing customers with professional, fast, convenient and best quality customer services, HKL have completed the installation of the Call Center System. This has excellent functions, which increases the durationof the customer service period for HKL, as well as improves the mechanism for collecting complaints and feedback from customers to improve its performance.

2014 A fruitful achievement year for saving, credit and other fee-based products. Due to its sustainability in terms of finance, operation and governance, HKL has increased its paid-up capital from USD 4,036,800 to USD 5,271,188 with the National Bank of Cambodia. With the new paid-up capital, Hattha Kaksekar Limited has the capability to expand its business operations countrywide.


The tense political situation resulting from the 2013 elections has calmed down as government and opposition started a dialogue on the future governance of the country. Instead, the country had to deal with some social unrest, mainly because of labor conditions in the garment industry. In the end, the government intervened, decreeing reasonable salary increases that will probably not affect the competitive advantages of Cambodia as a production site. The unrest did not directly affect the microfinance industry. Indirectly, it underscored the importance of socially responsible human resource policies. In general these policies are in place in the Cambodian micro finance industry.

The microfinance industry underwent some significant changes as a result of the aggressive expansion of two entities that recently entered the market. Although these entities do not report to the CMA they are becoming increasingly prominent in the market. Their activities force other institutions to offer more flexible products. As a result tenors and loan amounts in the industry are increasing. We also see the expansion of consumer finance for low income segments. For the moment this is mainly limited to Phnom Penh, where consumer finance is tied to shopping malls and is, managed by multinational companies.

As HKL is mainly lending in rural areas the company is not yet affected by this new trend. HKL focused in 2014 on increasing market share and client retention. Portfolio growth was 72% versus 45% for the microfinance sector associated to CMA. To fuel further growth the company has raised USD 10 million additional capital from its shareholders. This capital will be paid up during the first half of 2015, depending on regulatory approvals. Management is also negotiating additional sub debt to insure continuous growth and increase of market share.

Erik Peter GeurtsChairman of the Board of Directors

Remarks from Chairman of the Board of Director

Annual Report 20145

HKL realizes that in an increasingly competitive market both client and staff retention are crucial. To be able to address the expectations of these stakeholders the company will focus on product development and new distribution channels that satisfy client needs and make processes more efficient. HKL is also constantly exploring partnerships that allow for better customer services. One such partnership is with ANZ Royal bank, which sees HKL as a good partner to reach out to lower income customers in rural areas. Future operations will be more technology driven. Funding will be dominated more by savings and deposits.

We can conclude that 2014 has been a successful year. We were able to grow more than competition, maintaining good portfolio quality and reaching economies of scale that allowed for an ROE of 26%, against a bit less than 19% last year. We are on track regarding our road map towards being one of the most competitive financial institutions catering to micro, small and medium sized entrepreneurs in all regions of Cambodia.

On behalf of the board I would like to use this opportunity to thank staff, management and customers for their loyal support of the company. The trust we enjoy from borrowers, savers, depositors and international lenders encourages us to remain ambitious.

With respect to the board I would like to announce two changes. The President & CEO and co-founder of HKL decided to leave the supervisory board and focus on his executive roles. This is the result of Mr. Hout Ieng Tong’s express wish to contribute towards better governance and clear separation of roles between shareholders, supervisory board and management. The founding NGO made use of its right to nominate a replacement. We are very glad to receive Mr. Pak Sereivathana as the board member replacing Mr. Hout Ieng Tong. With his long track record in the Cambodian financial sector he is adding value to our board. On the other hand Mr. Christoffer Christensen Røed decided to leave the board for personal reasons. Mr. Christensen contributed very actively to board meetings, lending his long term and global experience in bank management to the board and management of HKL. As chair of the Board Credit Committee he visited many branches and clients to be able to support the company in improving lending operations. We will miss his input. At the same time we are confident that our shareholder Norfund will nominate an equally well equipped board member to replace Mr. Christensen.

Erik Peter GeurtsChairman of the Board of Directors


Remarks from President & CEO

Hout Ieng TongPresident & CEO

The decision to boost investment in system and product development and the growth of mobile banking services enable us to serve clients.

INDUSTRY COMPETITION ENVIRONMENTCompetition amongst the top four MFIs in Cambodia is increasing which is good news both for clients and the public. Furthermore competitive pressure is coming from aggressive expansion of two banks that recently entered the market. In spite of this we have increased our portfolio growth much more than industry growth and improved our share in taking deposit from 18% to 20.0%. By the end of 2014 HKL moved to second place in terms of deposit portfolio among top four MFIs (fourth in 2013). To support the rapid growth and invest in new technology to align with the growth, the shareholders decided to pay in more capital USD 6 million in early 2014. This has enabled us to fully exploit the opportunities presented by this favorable economic climate.

OPERATIONAL PERFORMANCE IN 2014 • HKL maintained its double growth of deposit portfolio to US$ 173.6 million from US$ 83.3 million in spite of various consequences of social unrest in the garment sector.• HKL’s total financial income rose by 50% to US$ 45 million from US$ 30 million. Gross loans grew 72% to US$ 250.1 million from US$ 145.6 million. Most of our branches still posted strong results with quality.• Net interest income rose 40% to US$ 28.6 million from US$ 20.4 million. Operating expenses rose 30.46% to US$ 19.7 million from US$ 15.1 million. Growth in expenses was largely the result of the demand for professional staff, training, staff capacity development and performance-based incentives, which, we are confident will translate into higher productivity and profitability.• The non-performing loan ratio almost doubled its decrease to 0.03% from 0.06% due to lower bad debts. • With this financial performance, we surpassed our headline key performance indicator with a return on equity of 25.97% exceeding the budget of 20.52%.

“HKL produced satisfactory results in 2014 with portfolio growth of 72% versus 45% for the microfinance sector associated with CMA and remarkable increase in profits, despite some social unrest in the garment sector.”

Annual Report 20147

• HKL was rated both institutional and social by Planet Rating Agency based in France. The result proved that HKL is in a stable position for the short and medium term. We have also achieved the integration of E&S information into the MIS.

INFORMATION TECHNOLOGYHKL’s on-line IT system is now proving its capacity to handle HKL’s expanding volumes effectively. All sub-branch and branch offices of HKL are on-line that can serve customers much more faster, conveniently and securely.

OFFICE NETWORK AND PRODUCT DEVELOPMENTDuring 2014 our office network grew to 142 offices from 136 offices in 2013, bringing our financial services to new areas of population and substantially increasing our catchment area. In addition we installed 37 more ATMs in 2014, bringing our total number of ATMs by the end of 2014 to 72 ATMs within 25 provinces and capital city, which can serve customers 24 hours per day, seven days per week and 365 days a year, including on national holidays and public holidays. With HKL ATMs customers can do the transactions at any time, such as balance inquiries, mini statements, inter account transfers, remittance/transfers, loan payments, collection services and mobile phone top-ups. HKL conducted a pilot test for a new loan product (Housing and Home Improvement Loan) and the result was satisfactory.

The fee base: the business division has oriented the mobile top up, utility payment, mobile banking, payment and collection services through cooperation with ANZ Royal bank (at the pilot stage) and micro-insurance (health and life) for loan and savings customers (at the pilot stage) partnering with Prevoir Kampuchea Micro-life Insurance Plc. Some features of mobile banking has been polished to ensure alignment with the market.

KEY FOCUS AREAS FOR 2015• Products up-grade and cross selling targets with a wide range of financial products, including leasing in the product and consumer loans.• Asset quality maintenance, and fee based services enhancement.• Our commitment is focusing on delivery of quality and convenient services to customers, providing services 24 hours a day and 365 days a year.• Introduce mobile banking products to clients and the public.

GIVING THANKSEverything we achieved last year, everything we are today, and everything we stand for is a tribute to the commitment of our stakeholders. We are profoundly grateful for the dedication of all our staff and the loyalty of our customers, the trust of our partners and associates, and the support of the National Bank of Cambodia, and the other regulatory authorities that have guided us over the years.

My heartfelt thanks to our Chairman, Board Members and shareholders for their guidance and support, and for entrusting me to continue to lead HKL. In the same way, my thanks also to my fellow management colleagues for their support and commitment in steering HKL moving forward.

Sincerely,

Hout Ieng TongPresident & CEO


The following list provides a brief background of each shareholder of HKL as end of December 2014.

SHAREHOLDERS Oikocredit ANMF (Triple Jump) Norfund Hattha Kaksekar NGO (HK NGO) responsAbility (rAGMF) responsAbility Participations AG (rAP) Hattha Kaksekar Staff Association (HK SA) Dr. Dy Davuth TOTAL

SHAREHOLDING (%)19.8717.4919.7313.2010.60

9.158.901.06100

The significant growth of the loans and savings portfolio as well as of the number of borrowers and depositors are proof of the continuous progress of Hattha Kaksekar Limited. Hattha Kaksekar Limited maintains a strong capital structure with eight strong shareholders from various countries.

Corporate Capital Structure

The significant growth of the loans and savings portfolio as well as of the number of borrowers and depositors are proof of the continuous progress of Hattha Kaksekar Limited. Hattha Kaksekar Limited

Annual Report 20149

OIKOCREDIT Oikocredit is one of the world’s largest sources of private funding to the microfinance sector. Oikocredit provides credit and equity to small businesses through microfinance institutions across the developing world, and directly to trade cooperatives, fair trade organizations and small-to-medium sized enterprises. Oikocredit is based in Amersfoort, the Netherlands and has local representation in approximately 30 countries worldwide. These offices source and

ANMF (Triple Jump) In 1999, ASN Novib Microcredit Fund (ANMF) was established as a mutual fund for microfinance by ASN Bank and Oxfam Novib. Created with the goal of encouraging broader participation from all levels of society in the market economies of developing countries, ANMF allows private individuals to invest in

Norfund Norfund is wholly owned and fully financed by the Norwegian government, and commenced operation in 1998. The company is structured as a separate legal entity with limited liabilities (Norfund Law), and the chairman and the board of directors are appointed by the government. The purpose of Norfund is to invest risk capital in private companies in emerging markets, making these companies grow in a sustainable way. The total capital of Norfund

Hattha Kaksekar NGO (HK NGO) HKNGO was originally transformed from a food security project in 1996. In October 2001, this NGO was restructured to become a shareholder of Hattha Kaksekar Limited (HKL) and the assets and equity of the NGO were

monitor partners in more than 65 countries. The capital needed to provide development financing comes from investments in Oikocredit by over 40,000 individuals and 6,000 organizations, including churches and church-related organizations around the globe. For more information, please visit www.oikocredit.coop.

financial intermediaries by issuing shares, which can be traded on a daily basis. ANMF invests in expanding and mature financial intermediaries, and operates in countries in Africa, Asia, Eastern Europe and Latin America. As an open-ended fund, ANMF can offer long-term equity and follow-on investments, along with senior and subordinated debt. The fund is retailed by ASN Bank to its customers. The assets are managed by Triple Jump B.V., which specializes in responsible microfinance investment management and advisory services. At the end of 2014, the total assets of ANMF fund amounted to EUR 240 million. This amount was used to provide EUR 202 million in senior loans, sub debt and equity to 99 financial service providers across five continents. More information on the investments by ANMF and other funds managed by Triple Jump is available at www.triplejump.eu.

as at end of 2014 was about USD 1,800 million, which is expected to grow steadily for several years to come. The aim of Norfund is to be a leading investment fund for emerging markets by combining a strong financial position with high-quality investment management skills and extensive international experience. The main investment areas of Norfund are in financial institutions, SME investment funds, clean energy and agriculture. To learn more about Norfund, please visit www.norfund.no.

then transferred to HKL. The initial share amount of HK NGO was USD 35,010, representing 45% of the total shares of HKL. With an additional amount transferred from some of HK NGO’s subordinated loan, HK NGO increased its share investment to USD 128,550. As end of 2014, at the share capital of HK NGO to HKL accounts for USD 695,830, representing 13.20% of the total shares of HKL.

Jump

HATTHA KAKSEKAR NGO (HK NGO)


HKSA., Limited

DR. DY DAVUTH

responsAbility responsAbility Investments AG is one of the world’s leading independent asset managers in the field of development investments and offers professionally-managed investment solutions to both private and institutional investors.

responsAbility Participations AG (rAP) responsAbilityParticipations AG is a company limited by shares with its registered office in Zurich, Switzerland. The company targets long-term participations in established, primarily unlisted companies in

HKSA., Limited Hattha Kaksekar Staff Association (HKSA) is a legal entity, which receives financial contributions from HKL staff. All HKL staff are permitted to acquire HKL shares through HKSA. The size of the dividend given to the staff as shareholders depends on the net profit of HKL from the previous fiscal year. As at end of 2014, the share capital of HKSA invested in HKL accounted for USD 469,398, representing 8.90% of the total shares of HKL.

Dy Davuth He graduated with a Bachelor’s Degree in Business Administration from the National University of Management in 1995 in Phnom Penh, Cambodia. In 2001, he completed his

The company supplies debt and equity financing to non-listed firms in emerging economies and developing countries. responsAbility currently has USD 2.4 billion in assets under management, which is invested in around 530 companies in more than 90 countries. Founded in 2003, the company is headquartered in Zurich and has local offices in Paris, Lima, Mumbai and Nairobi. Its shareholders include a number of reputable institutions in the Swiss financial market as well as its own employees. responsAbility is registered with the Swiss Financial Market Supervisory Authority FINMA. Further information is available at: www.responsAbility.com.

Master’s Degree of Business Administration from the University of Utara Malaysia, Malaysia. In early 2005, he earned his Doctor of Philosophy from Rutherford University (Distance Learning) in Wyoming, USA. In addition, he has experience in various positions such as Administrative and Accounts Manager (JVK NAGA MOVERS), Finance and Administrative Manager (Microfinance Institution), Member of Project Coordination Committee (ADB Project), Vice Rector Academic and Chairman of the Academic Council (Build Bright University), Business Development Specialist of SMEC International Pty. Ltd., Program Coordinator and Financial Management Consultant for the HLSP-Mott Macdonald Group (WB Project), Financial Specialist of Maxwell Stamp (ADB Project) and he currently works as Vice President Undergraduate Studies.

emerging and transitioning economies with a particular focus on financial institutions which provide financial services to micro, small and medium-sized enterprises and/or low-income clients. responsAbility Participations AG is managed by responsAbility Investments AG, a leading independent asset manager with a track record of over a decade in the area of development investments and assets under management in the amount of USD 2.4 billion as per 31 December 2014.

Annual Report 201411

O

rganizational Structure


Board of DirectorsBoard of Directors Board of Directors

Erik Peter Geurts, Chairperson

Christoffer Christensen-Røed, Member

Erik joined the responsAbility equity team for financial institutions in 2013. He has 17 years’ experience in development finance. His last position before joining responsAbility was as manager equity of the Dutch micro-finance fund manager Triple Jump. Operationally Erik was mainly active in different regions in Asia, during his six-year stay years at Triple Jump. Before that Erik worked for nine years at Triodos, where he specialized in making loans and equity investments in Latin America. During his carrier Erik has served on eight non-executive boards. Seven of these were at regulated financial institutions ranging from deposit taking finance companies to spe-cialized and non-specialized banks.

Christoffer Christensen-Røed (born 1942) completed his MBA in Economicsand Business Administration in 1966 from Norges Handelshoyskole in Norway. He is currently Investment Director of the Financial Institution and Funds Department at Norfund, the Norwegian Investment Fund for Developing Countries, which he joined in 2001. Christoffer has extensive experience with investments in banks and financial institutions in emergingmarkets and has represented Norfund in several board appointments. Since 1966 he has held various management positions in commercial banking within credits and equity. In 1980 he was appointed General Manager of Den Norske Credit bank, the largest commercial bank in Norway. From 1977–80 Christoffer worked as Deputy Regional Director of Nordic Bank Ltd. in Singapore covering the Asia–Pacific market.

Dy Davuth, MemberHe graduated with a Bachelor’s Degree in Business Administration from the National University of Management in 1995 in Phnom Penh, Cambodia. In 2001, he completed his Master’s Degree of Business Administration from the University of Utara Malaysia, Malaysia. In early 2005, he earned his Doctor of Philosophy from Rutherford University (Distance Learning) in Wyoming, USA. In addition, he has experience in various positions, among them Administrative and Account Manager (JVK NAGA MOVERS), Finance and Administrative Manager (Microfinance Institution), Member of Project Coordination Committee (ADB Project), Vice Rector Academic and Chairman of the Academic Council (Build Bright University), Business Development Specialist of SMEC International Pty. Ltd., Program Coordinator and Financial Management Consultant for the HLSP Mott Macdonald Group (WB Project), Financial Specialist of Maxwell Stamp (ADB Project) and he currently works as Vice President Undergraduate Studies.


Lonh Hay retired in October 2008 after more than 25 years’ service with the National Bank of Cambodia, the Central Bank. His last position at NBC was as Deputy Director General and Advisor to the Governor. During Mr. Lonh Hay’s career at the Central Bank he worked in various departments and was exposed to international and regional financial activities, giving him a wide range of operational and international experience. He also devoted personal time to several central bank publications, namely the Bulletin of Monetary Statistics and Balance of Payments. Lonh Hay attended the Royal University of Phnom Penh before the war years and also took special-ized courses in Italy, France, Austria and the United States.

Eelco Mol, MemberEelco Mol has a completed his Master of Science Development Economics, July 1995 from Wageningen University, The Netherlands. Eelco is co-founder of the investment manager Triple Jump where he is currently working in the position of Head of Debt Investment. He has been board member of various Microfinance Institutions in Peru and Mexico. With his extensive potential, Eelco has worked in many countries in the world, amoung them the Netherlands, Ghana, Honduras, and Costa Rica. Additionally, Eelco Mol hasexperience in many working fields, including Regional Manager and Senior Investment Manager at Triple Jump, Investment Officer at Oxfam Novib, Associate Professional Officer at FAO, CDR Consultancy in Costa Rica, and Associate Researcher at Economic Faculty University of Wageningen.

Lonh Hay, Member

Tor G. Gull, MemberTor G. Gull (born in 1949) holds a Master’s degree in Accounting from Finland, and an MBA in International Business and Finance from Finland/USA. Since his retirement as CEO of Oikocredit in the Netherlands in 2011. Tor has continued his involvement in development finance through short term assignments and board memberships. His previous experience included four years in development work in Tanzania and Kenya and 14 years of banking in Finland. During this time he was the Chief Representa-tive for the bank for three years in South East Asia and China based in Hong Kong.


Tal Nay IM, Member

Pak Sereivathana, Member

Tal Nay IM retired in 2010 after more than 30 years’ service with the National Bank of Cambodia (NBC) and Commercial Banks. Her last position at NBC was Director General of four main departments: Banking Supervision Departments, Banking Operations Department, Statistics and Economic Research Department, and Foreign Exchanges Department. Tal Nay IM obtaineda Bachelor’s Degree in economics from the Faculty of Law and Economic Sciences, Cambodia in 1974. She also attended several specialized courses overseas.

Pak Sereivathana (born 1970) completed his Master of Financial Management (MFM) in 1997 from Central Queenland University, Australia and a Bachelorof Economics from the Institute of Economics in 1992. He is currently a consultant of IFC and an adviser to a number of businesses in Cambodia,including Axis Investment Consulting. Vathana has over 15 years’ of professional experience in business management and finance with interna-tional organizations and private companies. He has worked for Cambodia Commercial Bank, British American Tobacco and the International Finance Corporation.


Oknha Hout Ieng Tong‚ President & CEO

Im Vandith‚ EVP & Chief Administration Officer

Mech Sokmetrey‚ EVP & Chief Business Development Officer

With his broad range of experience in microfinance, Oknha Hout Ieng Tong is an outstanding performer in both financial and non-financial manage-ment. He co-founded HKL in 1996 and has represented HK NGO since then. Besides completing a Bachelor’s Degree in Agriculture in 1991, he has attended a large number of local and international training programs in staff management, financial management, planning and leadership, HR management, and microfinance management. Moreover, as someone who seeks further knowledge, he completed an MBA at Build Bright University in addition to attending many other microfinance-related workshops in the USA, the Philippines, Indonesia, France, Germany and many other countries.

Vandith began her career in the early 1992. After working for UNTAC duing 1992 for the National Parliamentary Elections in Cambodia, she joined the American Relief Committee. Vandith joined HKL in 1995 in the same year that she graduated her Bachelor’s Degree in Accounting. Here, the hands-onwork experience and microfinance-related training programs conducted both within and outside the country helped her be a key player on the team. Additionally, Vandith obtained an MBA degree from Build Bright University in August, 2008.

After eight years in HKL on marketing and risk management, Metreywas promoted as the Executive Vice President and Chief Business Development Officer in January 2014. Prior to joining HKL in 2005, Metrey spent more than three years in the field of sales and market-ing after graduating from the National University of Management. At HKL, in addition to his direct involvement in marketing and risk management, Metrey has been exposed to many diverse practical training programs on management, leadership, productivity management, customer relationship management, balance scorecard, micro-insurance and marketing conductedboth locally and abroad, including in Mongolia, Taiwan, Korea, India, and Indonesia. Metrey has also been Certified Expert in Risk Managementof the Frankfurt School of Finance and Management since 2013.

Management Team


Rath Sarun‚ EVP & Chief Finance Officer

Touch Lina‚ EVP & Chief Operation Officer

Vann Bonida‚ Assistant to President & CEO

Sarun has more than 13 years’ technical experience in accounting and finance in financial institutions and the telecommunications industry. He is now in charge of MIS, Finance and Treasury Department. He joined HKL in June 2007 as Assistant to the General Manager and then promoted to Executive Vice President and Chief Finance Officer in 2011. He had five years’ experience with ACLEDA Bank in the Finance and Treasury Section, and three years’ experience as Finance Manager in AZ Communications Co., Ltd. He received an MBA in Finance from Pannasastra University of Cambodia, and attended training/seminars locally and abroad in many areas including finance, accounting, risk management and IT etc.

He was promoted to Executive Vice President and Chief Operations Officerin March 2013. He oversees HKL’s business operations including loans, savings and branch management. He joined HKL in March 2005, playing a significant role in credit management and risk management before he was promoted to Risk and Compliance Director in 2011. Lina has also extended his knowledge and experience by attending many practical training programs conducted both locally and abroad including in the Philippines, Vietnam and Luxembourg. Prior to joining HKL, Lina spent more than one year in non-governmental organizations in the field of micro-insurance service provided to poor people across rural areas in Cambodia after graduating with his BBA in management from the National Institution of Management in 2003.

Bonida has a wide range of knowledge and skills particularly in procurement, office management, compensation and benefits, staff retention strategy,staff training and capacity building, employee well-being, labor law, industrial relation, HR policy and procedure and lately recently in communica-tion, marketing and business operations. She has acquired and contributed knowledge, skills and experience through a life career starting at Metro Group of Cambodia in 2003, and since then having been engaged in HKL in 2005 with various positions in Administration, Human Resources and lately as Assistant to EVP and Chief Administration Officer before being appointed as Assistant to President & CEO from April 2014. She holds bachelor degreesin Finance and Banking and TEFL and MBA in Management, with various internal and local training program completions.


Bong Benly‚ VP & IT Director

Chen Boranchanborath‚ VP & Legal and Company Secretary Director

In Socheata‚ VP & Treasury Director

Benly joined HKL in December 2002, as Vice President and IT Director. Prior to joining HKL, Benly spent more than 10 years with the Canadian Training Center Project as a key player in the IT field. Due to his vast experience in the charity field coupled with ongoing IT-related courses, Benly has always been a key player in the IT department at HKL. In addition to his technical background and experience, he has also benefited from various training programs in business administration, marketing, accounting and manage-ment. He continues to pursue further IT courses to update his expertise by attended numerous conferences and seminars on ICT, hardware and software technology, and on banking solutions in Cambodia and abroad, for example in Japan, Hong Kong, Malaysia and USA. He pursued his BA in the IT field at Build Bright University.

Boranchanborath joined HKL in December 2011 as Vice President and Legal and Company Secretary Director. Prior to joining HKL, Boranchanborathhad more than 10 years’ experience in ACLEDA Bank Plc., including its subsidiary and ACLEDA Bank Lao Ltd. For the last four years he has held the position of Legal Department Manager and Company Secretary (ACLEDA Bank Lao Ltd.). In terms of education, he earned a Bachelor of Private Law from the Faculty of Law and Economics in 2000 and is pursuing a Master of Law at the Royal University of Law and Economics.

Socheata joined HKL in 2001 and has held several positions in HKL both at branch and head office level. In 2007, Socheata was appointed as Financial Controller and then she was promoted to Finance and Accounting Unit Manager in 2008. After that, on the basis of her knowledge, skills, and job experience, Socheata was promoted to Deputy Head of Finance Depart-ment in 2009. In 2012 she was promoted to Treasury Director. Socheata obtained a BBA majoring in accounting in 2007 and a Master’s Degree in Finance and Banking from Build Bright University in 2011. Additionally, she attended various training courses including in budgeting, financial analysis, accounting and finance policy in MFI, credit appraisal, internal audit, trade finance and others.


Keo Kimhuth‚ VP & Marketing Director

Leang Kimhouth‚ VP & SME Loan Director

Ly Siven‚ VP & Credit Director

Kimhuth joined HKL in March, 2012, as Deputy Marketing Director. Based on the extensive knowledge and experience, he was promoted to Vice President and Marketing Director in January, 2013. Before joining HKL, Kimhuth had almost six years’ experience in the microfinance sector in the field of research, marketing, and financial product development, in both credit and non-credit products. In terms of education, he earned a Bachelorof Sociology in 2005 and participated in many training courses relatedto banking and financial sectors both within and outside the country. He is currently pursuing his MBA in Marketing at Pannasastra University of Cambodia.

Kimhouth joined HKL in 2006 as a Credit Officer. Based on his knowledge and experiences, he was gradually promoted to higher positions at the branch and lastly promoted to branch manager, in 2011. In November 2012, Kimhouth was appointed as an SME Loan Manager based in the head office before he was promoted to Vice President and SME Loan Director in January, 2014. For educational background, Kimhouth obtained a BBA in accounting in 2007 and earned an MBA in General Management from Build Bright University in 2013. In addition, he attended various training courses such as branch management, leadership, lending to SME, advanced financial analysis for SME loan, excellence in customer service, handling difficult people and complaints, and leading with emotional intelligence, etc.

Siven joined HKL in May, 2000. He began his career from the Field Officer,Branch Manager, and Regional Manager. Siven was promoted to Vice President and Credit Director at the end of 2011. Besides that, Siven has more than eight years’ work experience with the National Bank of Cambodia inKampong Thom province and the Public Work and Transportation Depart-ment in Siem Reap province. In terms of education, he finished his BBA of Business Management from the University of Management and Economicsin 2010 and he obtained an MBA in Business Management at the University of Management and Economics in 2013.


Ou Kimthon‚ VP & Savings and Deposit Director

Oum Chulsak‚ VP & Risk and Compliance Director

Ouk Maliny‚ VP & Finance Director

Prior to joining HKL in January 2008, Kimthon spent more than four years in the hotel industry as Event Assistant Manager, taking care of event management, personnel management and customer care. With HKL, he began as a Credit Officer and then was promoted to Chief of Credit Unit priorto appointment as a Branch Manager in August 2009. He was promoted to Vice President and Savings and Deposit Director in June, 2013. He got a BBA in General Management, and attended several training courses, such as in Leadership, Lending to SME, Strategic Realignment, Leading with Emotional Intelligence, Driving and Coaching sales result, etc. He is now pursuing an MBA at Build Bright University majoring in of Finance and Banking.

Chulsak joined HKL in May 2005, as Internal Audit Officer. Based on his knowledge, skills, and experience, he was promoted to Deputy Internal Audit Director in 2010, and Vice President and Risk and Compliance Director in 2014. Prior to joining HKL, Chulsak spent more than one year with ACLEDA Bank Plc., as a Credit Officer. He obtained BBA majoring in Accounting from 2003 at the National Institute of Management and a Master’s Degree in Finance and Banking from Build Bright University in 2011. Additionally, he attended various training courses including in Avanced Internal Auditing, Advanced Audit Skills, IT Audit, Practical Credit Audit, Fraud Prevention, Risk management, CoOperacy, Empowering Leadership, Leading with Emotional Intelligence and others.

Maliny joined HKL in October 2012 as Deputy Finance Director and was promoted to Vice President and Finance Director in May 2013. Prior to joining HKL, she spent seven years at KPMG Cambodia Ltd. where she was in charge of auditing companies in trading, manufacturing, microfinance institutions, banking, insurances and other services after graduating with a Bachelor of Business Administration majoringin Accounting from Norton University in 2005. In addition to her academicqualifications, she obtained a Certified Accounting Technician qualificationfrom Kampuchea Institute of Certified Public Accountants and Auditorsin 2007, and an Advanced Diploma in Accounting from CamEd BusinessSchool in early 2013. Currently, she is pursuing an ACCA qualification.


Phat Thomas‚ VP & Administration Director

Phan Sovithyea‚ VP & ATM and Mobile Banking Director

Ros Vol‚VP & Internal Audit Director

Thomas started his career at HKL in 2009 as Vice President and Administra-tion Director, after joining the company for a period of time as Human Resources Manager. Thomas has worked at HKL for four years and has more than five years’ experience with a microfinance institution in the field of human resources and administration. He has also attended practical training programs on staff management, leadership, communication,administration, and human resources management. Thomas also attended training programs abroad: in the Philippines on practical human resources exposure and in Japan on the development of SMEs. Thomas has an MBA in the field of Management.

Sovithyea Joined HKL in April, 2005, as Deputy IT Director, and was then promoted to Assistant to ATM and Mobile Banking Project Manager in 2012, and to Vice President & ATM and Mobile Banking Directorin 2014. Prior to joining HKL, Sovithyea spent more than two years in the ICT field including as a technician, in software development and business solution development. He completed a Diploma of Accounting in 1998 and got a Bachelor of Computer Science from Royal University of Phnom Penh (RUPP) in 2002, and attended several training courses, such as the Micro-banker System, Oracle Flexcube (current CBS of HKL), Wincor ATM, BPC SmartVista Switch System, Leadership, etc. He completed an MBA in 2014 at the Royal University of Law and Economics (RULE) majoring in Finance and Banking.

Vol joined HKL in January, 2008, as Vice President and Internal Audit Director.Prior to joining HKL, he had more than eight years’ experience in the microfinance sector in the field of internal audit and branch management. Besides, he has exposed his knowledge, skills, and experience through numerous training programs in audit field, branch management, manage-ment and leadership, and lending management. He also holds a Master’s degree from Preston University. In 1998, he earned a Bachelor’s Degree of Management from the Maharishi Vedic University.


Son Savang‚ VP & Product Development Director

Sem Souphoan‚ VP & Human Resource Director

Savang joined HKL in January 2011 as Deputy Head of Operations Depart-ment, and after that transformed to Deputy Director of Credit Department. Prior to joining HKL, Savang had 12 years’ experience in the microfinance sector as Credit Officer and Branch Manager. While working, Savang attended various workshops and trainings courses related to Operation Management, Credit Management, Branch Management, Credit Product Policy, Capacity Building, Leadership and Management and other Banking Operations. As a result of his capacity and strong work performance, Savang has been promoted to Vice President and Product Development Director in April, 2014. He obtained his BBA in 2004 and MBA in 2010 at the National University of Management.

Sem Souphoan joined HKL on December 1, 2010 as Vice President and Human Resources Director. He has 27 years’ experience working in different sectors, including a 14-year track record in human resource management, organization development, human resources planning and leadership development. His last job before joining HKL was working as a “Human Resources and Administration Advisor” to SAMES (Central Pharmacy), Ministry of Health, Government of Timor-Leste, under a World Bank financed HSSP-SP Project, a (Health Sector Strategic Planning Support Project). Souphoan holds a Masters of Business Administration in Leadership Development from Eastern University, Philadelphia, USA, and a Bachelor’s Degree of Public Law from Norton University, Phnom Penh, the Kingdom of Cambodia.


Customer ProfileCustomer ProfileCustomer ProfileCustomer ProfileCustomer ProfileCustomer Profile Customer Profile

Since most of our customers as based in rural areas, micro and small loans are very popular for them. Meanwhile medium and large loans are suitable for customers who are living in provincial towns and cities.Customers favor the monthly installment repayment method rather than balloon and semi-balloon [repayments] due to the installment amount gradually decreasinge from month to month.

Hattha Kaksekar Limited is operating countrywide and all its employees are committed to serving both rural and urban customers. To meet the demands of various categories of customers, including micro, small, medium and large entrepreneurs and individual customers, HKL has revamped and created various types of products and services.

The majority of customers are married with children, whereas on average they have 4.76 members in their household, meanwhile they have average of 2.57 income generators. Females are usually registered to use HKL products and services because they play the key role within families in household cash management. Most of them are literate people, who have finished secondary school. In addition, HKL’s clients are in an active group, with an age range between 26 and 55 years old, to generate income to support their family and business, of which the majority are generating income from agricultural activities followed by trade and commerce activities, service delivering activities, garment industry, and others.


Customer ProfileCustomer ProfileCustomer ProfileCustomer Profile Market Share

Market competition is becoming stronger and stronger all the time; [there are now] 39 microfinance institutions and 35 commercial banks in Cambodia. They try to attract [as much] of the market as much as they can, but do not care about operation quality and risk. However, Hattha Kaksekar Limited is one key player in the market that is focusing not only growing, but at the same time taking care of operation quality and risk. Even though, we still have enough ability to enlarge our market share for both loan and savings. The below charts show that, Hattha Kaksekar Limited’s market share sharply increased in 2014, capturing upto 12.33% and 19.36% of market share in terms of loans and savings and deposits outstanding; meanwhile, for borrowers and depositors. HKL captured 5.66% and 16.98% of market share respectively.


Financial Products and ServicesFinancial Products and ServicesFinancial Products and ServicesFinancial Products and ServicesFinancial Products and Services

General LoanThis is designed for individual and micro, small, medium and large entrepreneurs who have a clear loan purpose not against national and international regulations to create new [businesses] and improve existing businesses. Customers will get very flexible loan conditions and they can borrow the loan amount needed, up to USD 200,000 based on their repayment capacity. HKL provides a very competitive interest rate and long-term loans according to the customer’s business cycle.

Green LoanThis is designed for customers in both rural and urban areas who have the specific purpose of increasing their living standards though borrowing loans to build bio-digester plants, equipping solar energy, buying water filters, and building toilets, etc. Customers can borrow up to USD 2,500 with a loan term of three to 24 months and a very competitive interest rate based on loan term and loan currency.

Khmer Student LoanThis loan is created for parents or students who wish to continue their study at bachelor degree or master’s degree level or through intensive courses but are short of funds for tuition fees and other expenses during their study. They can borrow up to USD 8,000 with a loan term of six to 84 months and will get a very competitive interest rate based on the loan amount and term.

Loan Services

Loans are the core products of HKL. Many loan product lines have been developed for specific purposes and target customers in order to satisfy and meet their demands.


SME LoanThis is provided to individual or corporate entity customers who run small and medium sized businesses that need a loan to create or expand a business. The loan can be used as working capital and/or for investment purposes. At the same time, customers will get very easy and flexible loan conditions at a low interest rate based on their repayment capacity and loan size. Customers can get long-term loans of up to USD 200,000 or the equivalent in an other currency according to the business cycle.

Housing Finance (Pilot Test)Housing finance is designed for individual customers who wish to enjoy improved living standards through new house construction, renovating an existing house, or purchasing a new house. Customers can enjoy very flexible loan conditions and competitive interest rates. Customers can borrow up to USD 100,000 in accordance with their repayment capacity, and loan terms of up to 12 years are offered. It is success-fully test piloted in the market and evaluation and revision is in the process of being done, and epected to go live in 2015.

Savings & Deposit Services

To meet with customer demand, HKL has developed a wide range of savings and deposit products including Voluntary Savings Account, Recurring Savings Account and Fixed Deposit Account.


Savings AccountOpening a savings account allows customers to deposit and withdraw any amount, at any branch, and at any time around the clock through HKL’s ATM network. The savings account is one of the best paths to help customers maximize the return on their savings as well as assure the safety of their cash deposit. The minimum balance required for this account is only USD 5 (or its equivalent in another currency), allowing customers to earn very competitive interest rates depending on the currency. Upon opening this account, customers will receive a savings passbooks free of charge.

VIP Savings AccountHKL’s VIP savings account provides high interest rates. This product is specifically designed to meet the needs of advanced customers, both individuals and entities. Customers who open VIP Savings Accounts will receive the highest levels of service. The minimum balance for this kind of account is USD 500 (or its equivalent in another currency). HKL currently offers a special high interest rate according to the currency.

Planned Savings AccountThis account requires customers to make cash deposits in installments based on their cash flow, which might be on a daily, weekly, or monthly basis at the specified maturity date. To open this account, the customer must have a minimum deposit of 10 USD (or its equivalent to other currency) with flexible deposit term from 6 to 60 months. Customer can get higher interest rates based on the deposit term and currency.

Kids Savings AccountThis is designed for customers who wish to make deposits for their children in the future. Customers can make deposits in installments based on their cash flow, which might be on a daily, weekly, or monthly basis. To open this account, the customer must have a minimum deposit of 10 USD (or its equivalent in another currency) with a flexible savings term of two years to 18 years. Customers will get very high interest rates based on the deposit term and currency.

Retirement Savings AccountThis is designed for customers who are employees of private companies or non-government or government organizations who wish to make deposits towards their retirement. Customers can make deposits in installments based on their cash flow, which might be on a daily, weekly or monthly basis. To open this account, the customer must have a minimum deposit of USD 25 (or its equivalent in another currency) with flexible savings terms of two to 18 years. Customers will get very high interest rates based on the deposit term and the currency.


Capitalized Deposit AccountThis is designed for customers who have large cash reserves available as it provides them with a high return. With this account the interest rate will be calculated daily and capitalized on a monthly basis. The minimum balance for this account is USD 50 (or its equivalent in another currency) with a flexible deposit term of one to 12 months, and an annual interest rate that depends on the deposit term and currency.

High Income Deposit AccountThis is designed for customers who have large cash reserves available as it provides them with a high return. Customers who open this account are allowed to withdraw the interest earned each month up to the end of the term. The minimum balance for this account is USD 50 (or its equivalent in another currency) with a flexible deposit term of 1 to 12 months, and an annual interest rate that depends on the deposit term and currency.

High Return Deposit AccountThis is designed for customers who have large cash reserves available as it provides them with a high return. Customers who open this account are allowed to withdraw their funds at the end of term. The minimum balance for this account is USD 50 (or its equivalent in another currency) with a flexible depositterm of one to 12 months, and an annual interest rate that depends on the deposit term and currency.

Charity Deposit AccountThis is designed for customers who are corporate entities or individuals that have a large amount of money available and wish to help the organization that has the same or similar vision. The minimum balance for this account is USD 1,000 (or its equivalent in another currency) with a flexible deposit term of three to 24 months, and an annual interest rate that depends on the deposit term and currency.


Hattha Kaksekar Limited provides customers with the right solution for a local money transfer service. Customers can easily transfer money to relatives, business partners and other recipients regardless of distance. This service provides customers with reliability, safety and speed. With the money transfer service of HKL, customers no longer face problems when transferring money to loved family members, relatives and business partners countrywide through its 142 branch offices and with the cheapest transfer fee. There are several money transfer methods that customers can select, such as cash to cash, cash to account, account to cash, and account to account transfer.

Local Money Transfer

MyATM Service


With the MyATM Service, the customer can make both cash and non-cash transactions, such as cash deposits, cash withdrawals, funds transfers, remittance, currency exchange, mobile top up, balance inquiry, mini-state-ment, account maintenance, account opening, etc. With these transactions, the customer has the choice to select their preferred currency: Khmer riel, US dollar or Thai baht. Furthermore, customers can easily make their transactions via HKL MyATM countrywide. Customers will receive an ATM card free of charge when they open a savings account with HKL today, and may deposit and withdraw money at anytime.

MyMobile Banking Services is a new financial service which enables customers and the public to check their finances at anytime and anywhere using their mobile phone. Through MyMobile Banking, customers are able to make financial transactions such as [paying] remittance, funds transfer, mobile top up, bill payment, loan repayment, and [access] various other non-financial information such as balance inquiry, mini state-ments, SMS notifications, looking up ATMs, exchange rate, interest rate, loan inquiry and loan payment reminder, as well as accessing other financial services.

MyMobile Banking Service

Payroll Service


Payment and Collection Service (Pilot Test)In collaboration with ANZ Royal Bank, HKL plays an important role as payment and collection channels for ANZ. The service is being piloted in five branches, serving ANZ clients who are retailers, wholesalers, manufacturers, dealers and suppliers. With this service, ANZ clients can settle funds with their suppliers, or collect money from wholesalers and retailers etc. through the HKL counter nearest to their location, thereby reducing the time and costs of transportation to the ANZ office that are not available in those areas.

Micro Insurance (Pilot Test)HKL has been partnering with PKMI (Prévoir Kampuchea Micro Life Insurance) to provide an additional micro health and life insurance service to both savings and loan clients of Hattha Kaksekar Limited. The clients just pay a small premium once at the beginning of the loan schedule for insurance up to 12 months with the maximum benefits covering up to the full real cost of staying in public health facilities in case of illness or accident during the insurance coverage period.

Payroll Service

The Payroll Service is designed for customers who are enterprises, companies, non-governmental organiza-tions, and associations that aim to reduce their time and workload in managing of the payroll process for their employees. Via the HKL payroll service, your employees gain great flexibility, convenience, and signifi-cant benefits, while at the same time your company will gain increasing employee satisfaction.


Human Resources

The Success of Our Staff is the Success of Our OrganizationThe success of HKL depends on leadership and the commitment of staff. Over the last five (5) years, HKL’s business has grown significantly as a result of having the right leadership and the right staff with the right knowledge and skills for the positions. While business is growing, the number of staff has also continued to increase from 776 in 2010 to 1911 in 2014, which has led to HKL becoming an organization of choice in terms of employment. See the table below for the trend in staff growth from year to year.

Human Resources Human Resources


Staff TurnoverStaff resignations in 2014 were 9.26% [of the workforce], and employment termination was 1.15% (our calculation includes all staff who are working in the probationary phase).


Human ResourcesHuman ResourcesSocial Performance Management

Photo with orange frame

Ensure Lower Environmental and Social RiskEnvironmental and Social Management has been a critical process in translating our mission and vision into actual practice. HKL’s mission addresses all the aspects of social performance including geographic outreach (countrywide), target clients (in particular women and low income families in rural areas); the kind of services (loans, savings and other inclusive financial services) and a consideration for social responsibility (long term social and financial sustainability). Through HKL’s environmental & social (E&S) impact assessmentin 2014, 30% of active clients are E&S clients (69% are women) who have been evaluated for business impact. As a result, the environmental risk, air pollution, has declined by 4%; health risk and personal injury has declined by 5%; and labor risk and bad working conditions has declined 5% in 2014 compared to 2013. Overall, the medium and high level of E&S risks have dropped by 8%, and 2% respectively in 2014 compared to 2013; which reveals that HKL’s clients’ businesses have less impact on the environment and society than in the previous year.


Review Environmental PerformanceReviewing the material, energy and water monthly consumption ensures that HKL’s environmental perfor-mance has been managed, and improved with minimal consumption as in the below table.

Progress from Poverty Progress from Poverty Index (PPI) Tool has been adopted to measure HKL’s clients’ progress from the poverty level annually since 2012, reflecting its vision to help clients to succeed in their business and hence, to improve the clients’ standard of living. On the basis of the PPI [survey] results in early 2014, conducted on over 75,264 clients, 29.48% of HKL clients live below the $2.50 [per day] poverty line; 2% lower than the previous year’s rate. This reflects the improvement in HKL clients’ standard of living, along with HKL’s commitment: “We Grow with Clients”.


Protect ClientsHKL has partnered with Agence Française de Développement (AFD) under CMA project, aiming at imple-menting the action plan toward the promotion of the Client Protection Principles through the “Smart Campaign” certification program. By the end of the project in 2015, HKL has committed to being certified by the Smart Campaign on Client Protection Principles, after review of the following facts.

• Products are designed to meet the clients’ wide-ranging needs. HKL values client opinion and finds ways to resolve client-level issues and improve relationship with them.• HKL demonstrates strong practices on Prevention of Over-Indebtedness principle, with high level of awareness on the risk of over-indebtedness particularly in the current context of Cambodia. • Pricing follows technical criteria that ensure costs of lending are fully covered. • HKL is being fully transparent in the pricing, terms and conditions of all financial products;• HKL demonstrates mostly good practices on fair and respectful treatment of clients. HKL employs respectful collection practices and strongly embraces high ethical standards in the treatment of clents.• HKL ensures privacy of client’s data; and protects clients, businesses, and the industry as a whole. • H KL provides the clients many methodologies to address their complaints henceforward they can be served more effectively. With the social goal and commitment on social performance, HKL has been lately rated by Planet Rating Agency with the grade “4-” which corresponds to the “Convincing” level: moving categories from “Good” to “Excellent”. This grade means that HKL has a clear commitment to social goals; reasonable management of social performance and social responsibility risks; and is an institution likely to achieve positive social impact.


The process of risk management, considered as important for business growth with quality is designed to foresee the risk of certain kinds of events occurring and having a negative impact on a business. To effectively manage and create a strong risk and compliance culture, Hattha Kaksekar Limited has put in place a risk and compliance framework for implementation and to manage risk, including policies, procedures, tools, and the functioning of the clear roles and responsibilities of employees.

The duties of ALRMC are to:

• Manage all operational risks, assets and liabilities, and prepare risk management strategies and risk measurement.• Regularly review the policy framework so that it continues to address the evolving nature of the risks faced by HKL and the recommended changes to the ARBC and the Board. • Manage all risks in accordance with the rules and regulations applicable to HKL as under Cambodian law and under the limits and guidelines set internally by the Board of Directors and the ARBC.• Regularly review the policy framework so that it continues to address the evolving nature of the risks faced by HKL and recommend changes to ARBC and the Board.

The risk management framework has been fully implemented by the head office and branches, the main function of the Risk & Compliance Department is in particular to implement the frameworks, including operational risk management, financial risk management, credit risk management and the compliance risk program. As a result, we can achieve the plan by conducting a risk assessment of the potential risks and recording them in the Comprehensive Risk Register with regular monitoring, coordinated with Risk and Control Self-Assessment (RCSA) and providing training to all branch staff on the concept of risk and risk management.

Human ResourcesHuman ResourcesRisk Management and Compliance


To the shareholders Hattha Kaksekar LimitedWe have audited the accompanying financial statements of Hattha Kaksekar Limited (“the Company” or “HKL”), which comprise the balance sheet as at 31 December 2014, and the income statement, the state-ment of changes in equity and the statement of cash flows for the year then ended.

Management’s responsibility for the financial statementsManagement is responsible for the preparation and fair presentation of these financial statements in accordance with Cambodian Accounting Standards and the guidelines of the National Bank of Cambodia relating to the preparation and presentation of financial statements, and for such internal control as manage-ment determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Cambodian International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurances about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risk of material misstatement in the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluation of the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements present fairly, in all material respects, the financial position of HKL as at 31 December 2014, and of its financial performance and its cash flows for the year then ended in accordance with Cambodian Accounting Standards and the guidelines of the National Bank of Cambodia relating to the preparation and presentation of the financial statements.

Human ResourcesHuman ResourcesReport of the Independent Auditors


ASSETSCash on hand Deposits and placements with National Bank of Cambodia Deposits and placements with banks Loans to customers Other assets Property and equipment Intangible assets Deferred tax assets

TOTAL ASSETS

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIESDeposits from customers Borrowings Amount due to shareholders Subordinated debts Provident benefits Other liabilities Deferred tax liabilities Provision for income tax

TOTAL LIABILITIES

SHAREHOLDERS’ EQUITY

Share capital Share premiumLegal reservesOther reservesSubordinated debts Retained earnings TOTAL SHAREHOLDERS’ EQUITY

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

7,139,818

25,922,366 23,204,002

249,680,252 4,860,390 4,311,024 1,163,311

82,642

316,363,805

172,333,352 57,702,149 22,970,821 14,942,778 1,285,208 6,624,553

- 1,760,229

277,619,090

5,271,188 10,492,717

527,119 635,382 729,319

21,088,990

38,744,715

316,363,805

29,094,758

105,633,642 94,556,308

1,017,447,027 19,806,089 17,567,423

4,740,492 336,766

1,289,182,505

702,258,409 235,136,257

93,606,096 60,891,820

5,237,223 26,995,053

-7,172,933

1,131,297,791

21,480,091 42,757,822

2,148,010 2,589,182 2,971,975

85,937,634

157,884,714

1,289,182,505

5,201,162

7,880,614 14,221,930

144,194,570 3,226,6473,273,2771,574,486

-

179,572,686

82,473,575 47,266,330 13,393,617

6,000,000912,518

3,392,789 28,297

842,182

154,309,308

4,036,800 5,515,704

403,680 465,272 729,319

14,112,603

25,263,378

179,572,686

20,778,642

31,483,05356,816,610

576,057,30712,890,45513,076,742

6,290,072-

717,392,881

329,481,932188,828,988

53,507,50023,970,000

3,645,51013,554,192

113,0473,364,517

616,465,686

16,127,01622,035,237 1,612,7021,858,7622,913,629

56,379,849

100,927,195

717,392,881

US$ KHR’000 US$ KHR’000

2014 2013

BALANCE SHEET AS AT 31 DECEMBER 2014

Human ResourcesHuman Resources Financial Statement



2014 2013 US$ KHR ‘000 US$ KHR ‘000

INCOME STATEMENT

Interest income Interest expense

Net interest income

Other operating income

Operating income

General and administrative expenses (Reversal of allowance) / allowance for bad and doubtful loans

Profit before income tax

Income tax expense

Net profit for the year

45,496,801 (16,881,286)

28,615,515

282,218

28,897,733

(19,609,362)

911,897

10,200,268

(2,078,333)

8,121,935

30,035,239 (9,556,305)

20,478,934

480,916

20,959,850

(15,093,031)

(510,928)

5,355,891

(1,095,896)

4,259,995

185,399,464 (68,791,240)

116,608,224

1,150,038

117,758,262

(79,908,150)

3,715,980

41,566,092

(8,469,207)

33,096,885

119,990,780(38,177,438)

81,813,342

1,921,259

83,734,601

(60,296,659)

(2,041,157)

21,396,785

(4,378,105)

17,018,680

FOR THE YEAR ENDED 31 DECEMBER 2014


At 1

Janu

ary

2013

N

et p

rofit

for t

he y

ear

Tr

ansf

er to

oth

er re

serv

es

Di

vide

nd d

istrib

ution

At 3

1 De

cem

ber 2

013

(KHR

’000

equ

ival

ents

)

At 3

1 De

cem

ber 2

013

At 1

Janu

ary

2014

Ca

pita

l inj

ectio

n

N

et p

rofit

for t

he y

ear

Tr

ansf

er to

lega

l res

erve

s

Tran

sfer

to o

ther

rese

rves

Divi

dend

dist

ributi

on

At

31

Dece

mbe

r 201

4

(K

HR’0

00 e

quiv

alen

ts)

At 3

1 De

cem

ber 2

014

STAT

EMEN

T O

F CH

ANG

ES IN

EQ

UIT

Y

FOR

THE

YEAR

EN

DED

31 D

ECEM

BER

2014

Shar

epr

emiu

mU

S$

5,51

5,70

4 - - -

5,51

5,70

4

22,4

76,4

94

5,51

5,70

44,

977,

013 - - - -

10,4

92,7

17

42,7

57,8

22

Shar

eca

pita

lU

S$

4,03

6,80

0 - - -

4,03

6,80

0

16,4

49,9

60

4,03

6,80

01,

234,

388 - - - -

5,27

1,18

8

21,4

80,0

91

Tota

lU

SD

21,8

87,0

584,

259,

995 -

(883

,675

)

25,2

63,3

78

102,

948,

265

25,2

63,3

786,

211,

401

8,12

1,93

5 - -(8

51,9

99)

38,7

44,7

15

157,

884,

714

Reta

ined

earn

ings

USD

10,9

06,3

934,

259,

995

(170

,110

)(8

83,6

75)

14,1

12,6

03

57,5

08,8

57

14,1

12,6

03-

8,12

1,93

5(1

23,4

39)

(170

,110

)(8

51,9

99)

21,0

88,9

90

85,9

37,6

34

Subo

rdin

ated

debt

US$

729,

319 - - -

729,

319

2,97

1,97

5

729,

319 - - - - -

729,

319

2,97

1,97

5

Oth

erre

serv

esU

S$

295,

162 -

170,

110 -

465,

272

1,89

5,98

3

465,

272 - - -

170,

110 -

635,

382

2,58

9,18

2

Lega

lre

serv

esU

S$

403,

680 - - -

403,

680

1,64

4,99

6

403,

680 - -

123,

439 - -

527,

119

2,14

8,01

0


Net cash used in operating activities

Purchase of property and equipment Purchase of intangible assets Proceeds from disposal of property and equipment

Net cash used in investing activities

Proceeds from borrowingsRepayments of borrowingsProceeds from amounts due to shareholdersRepayments of amounts due to shareholdersProceeds from subordinated debtsProceeds from capital injectionsDividends paid

Net cash generated from financing activities

Net increase in cash and cash equivalentsCash and cash equivalents at the beginning of the year

Cash and cash equivalents at the end of the year

(10,355,538)

(2,524,118) (47,559)

122,465

(2,449,212)

27,090,385 (16,654,566)

12,964,686 (3,387,482)10,000,000

5,154,179 (851,999)

34,315,203

21,510,453

19,956,555

41,467,008

(42,198,817)

(10,285,781) (193,803)

499,045

(9,980,539)

110,393,319 (67,867,356)

52,831,095 (13,803,989)

40,750,000 21,003,279 (3,471,896)

139,834,452

87,655,096

81,322,961

168,978,057

(1,240,679)

(1,940,840)(83,504)

207

(2,024,137)

13,382,728 (6,181,409)10,539,424 (7,618,473)

4,000,000 -

(883,675)

13,238,595

9,973,779

9,982,776

19,956,555

(4,956,512)

(7,753,656) (333,598)

827

(8,086,427)

53,463,998(24,694,729) 42,104,999

(30,435,800)15,980,000

- (3,530,282)

52,888,186

39,845,247

39,881,190

79,726,437


2014 2013

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2014

Cash flow from operating activities

Cash flow from investing activities

Cash flow from financing activities


Human ResourcesHuman ResourcesAward, Rating, Network and Partners

Award & Rating

Shareholders


Network & Partners

Member


Geographical CoverageHuman Resources Geographical CoverageGeographical CoverageHuman ResourcesCoverage Areas and Distribution Networks

Dist

ributi

on N

etw

ork

P

rovi

nces

/Cap

ital C

ity :

25 ,

Head

Offi

ce :

1 , B

ranc

hes :

49

, Sub

-Bra

nche

s : 8

1 , S

ervi

ce P

osts

: 11

, AT

M :

72


Geographical Coverage

Boeng Trabaek Branch, Phnom Penh

Street 432, Sangkat Boeng Trabaek, Khan Chamkar Mon, Phnom Penh.Tel: 069 666 053E-mail: [email protected]

Battambang Branch, Battambang

Prek MohaTeb Village, Sangkat Svay Por, Battambang Municipality, Battambang Province. Tel: 069 666 254E-mail: [email protected]

Bavel Branch, Battambang

Bavel Muoy Village, Bavel Commune, Bavel District, Battambang Province.Tel: 069 666 251 E-mail: [email protected]

Pursat Branch, Pursat

National Road 5, Sthani Village, Sangkat Svay At, Pursat Municipality, Pursat Province.Tel: 069 666 130E-mail: [email protected]

Bakan Branch, Pursat

National Road 5, Boeng Khnar Village, Boeng Khnar Commune, Bakan District, Pursat Province. Tel: 069 666 261E-mail: [email protected]

Kampong Cham Branch, Kampong Cham

National Road 7, Boeng Snay Village, Sangkat Sambuor Meas, Kampong Cham Municipality, Kampong Cham Province.Tel: 069 666 237E-mail: [email protected]

Head Office

No. 606, Street 271, Sangkat Phsar Daeum Thkov, Khan Chamkar Morn, Phnom Penh. P.O Box 2044, Phnom Penh 3 Tel: 023 994 304 / 023 224 102 E-mail: [email protected]: www.khl.com.kh

Operational Office, Phnom Penh

No. 606, Street 271, Sangkat Phsar Daeum Thkov, Khan Chamkar Morn, Phnom Penh. Tel: 023 994 304 / 069 666 264 E-mail: [email protected]

Dangkao Branch, Phnom Penh

No. 1A-2A, Street Confederation de la Russie Blvd, Sangkat Kakab, Khan Pur SenChey, Phnom Penh. Tel: 069 666 247E-mail: [email protected]

Doun Penh Branch, Phnom Penh

No. 92B-92C, Street 70, Sangkat Srah Chak, Khan Doun Penh, Phnom Penh. Tel: 069 666 238 E-mail: [email protected]

Phnom Penh Branch, Phnom Penh

No. 19GH, Street 271, Sangkat Boeng Salang, Khan Toul Kouk, Phnom Penh.Tel: 069 666 174 E-mail: [email protected]

Russey Keo Branch, Phnom Penh

No. 150, National Road 5, Sangkat Chrang Chamreh Ti Mouy, Khan Russey Keo, Phnom Penh. Tel: 069 666 124 E-mail: [email protected]

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Human Resources Geographical CoverageGeographical CoverageHuman Resources Contact Addresses


Prey Chhor Branch, Kampong Cham

National Road 7, Prey Totueng Village, Chrey Vieng Commune, Prey Chhor District, Kampong Cham Tel: 069 666 152 E-mail: [email protected]

Tboung Khmum Branch, Kampong Cham

Suong Lech Village, Sangkat Suong, Suong Municipality, Kampong Cham . Tel: 069 666 093 E-mail: [email protected]

Memot Branch, Kampong Cham

National Road 7, Tboung Voat Village, Memot Commune, Memot District, Kampong ChamTel: 069 666 204E-mail: [email protected]

Ponhea Kraek Branch, Kampong Cham

National Road 7, Kandaol Kaong Village, Kaong Kang Commune, Ponhea Kraek District, Kampong ChamTel: 069 666 051E-mail: [email protected]

Stueng Saen Branch, Kampong Thom

National Road 6, Damrie Choan Khla Village, Sangkat Damrie Choan Khla, Stueng Saen, Kampong Thom Tel: 069 666 105E-mail: [email protected]

Baray Branch, Kampong Thom

National Road 6, Kampong Thma Village, Kampong Thma Commune, Santuk District, Kampong Thom Tel: 069 666 257 E-mail: [email protected]

Stoung Branch, Kampong Thom

Chheu Teal Village, Kampong ChenTboung Commune, Stoung District, Kampong ThomTel: 069 666 107 E-mail: [email protected]

Siem Reap Branch, Siemreap

Chongkaosou Village, Sangkat Sla kram, Siem Reap Municipality, Siemreap Province.Tel: 069 666 120 E-mail: [email protected]

Chi kraeng Branch, Siemreap

Kampong Kdei Pir Village, Kampong Kdei Commune, Chi kraeng District, Siemreap Province.Tel: 069 666 248 E-mail: [email protected]

Soutr Nikom Branch, Siemreap

National Road 6, Dam Daek Thmei Village, Dam daek Commune, Soutr Nikom District, Siemreap Tel: 069 666 110 E-mail: [email protected]

Puok Branch, Siemreap

National Road 6, Chambak Haer Village, Puok Commune, Puok District, Siemreap ProvinceTel : 069 666 157 E-mail: [email protected]

Krong Siem Reap Branch, Siemreap

Wat Bo Village, Sangkat Sala Kamreuk, Siem Reap Municipality, Siemreap ProvinceTel: 069 666 253E-mail: [email protected]

Banteay Meanchey Branch, Banteay Meanchey

No. 152-153, Village Bei, Sangkat Preah Ponlea, Serei Saophoan Municipality, Banteay Meanchey Tel: 069 666 258 E-mail: [email protected]

Paoy Paet Branch, Banteay Meanchey

No. 091, Ou Chrov Village, Sangkat Paoy,Paoy Paet Municipality, Banteay Meanchey Province.Tel: 069 666 173 E-mail: [email protected]

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15 22

16 23

17 24

18 25

19 26


Peam Ro Branch, Prey Veng

Phum Muoy Village, Preaek Khsay Kha Commune, Peam Ro District, Prey Veng Province.Tel: 069 666 175 E-mail: [email protected]

Takeo Branch, Takeo National Road 2, Louri Village, Sangkat Roka Knong, Doun Kaev Municipality, Takeo ProvinceTel: 069 666 101E-mail: [email protected]

Prey Kabbas Branch, Takeo

Prey Lvea Kaeut Village, Prey Lvea Commune, Prey Kabbas District, Takeo ProvinceTel: 069 666 150E-mail: [email protected]

Kampong Chhnang Branch, Kampong Chhnang

Toul Kralanh Village, Sangkat Kampong Chhnang, Kampong Chhnang Municipality, Kampong ChhnangTel: 069 666 232 E-mail: [email protected]

Kampot Branch, Kampot

No. 64, National Road 3, Krang Village, Sangkat Krang Ampil, Kampot Municipality, Kampot Tel: 069 666 219 E-mail: [email protected]

Kampong Speu Branch, Kampong Speu

National Road 4, Pol Tep Village, Sangkat Rokar Thum, Chbar Mon Municipality, Kampong Speu Tel: 069 666 230 E-mail: [email protected] m.kh

Preah Sihanouk Branch, Preah Sihanouk

No. 480, Ek Reach Street, Phum Pir, Sangkat Buon, Preah Sihanouk Monicipality, Preah Sihanouk Tel: 069 666 154 E-mail: [email protected]

Thma Puok Branch, Banteay Meanchey

Phsar Thmei Village, Kumru Commune, Thma Puok District, Banteay Meanchey Province.Tel: 069 666 091 E-mail: [email protected]

Ta Khmau Branch, Kandal

No. 166, National Road 2, Krapeu Ha Village, Sangkat Prek Ruessey, Ta Khmau Municipality, Kandal Province. Tel: 069 666 094 E-mail: [email protected]

Kieng Svay Branch, Kandal

No. 350, National Road 1, Tuol Tnaot Village, Kokir Commune, Kien Svay District, Kandal Province.Tel: 069 666 217 E-mail: [email protected]

Mukh Kampul Branch, Kandal

National Road 6, Preaek Ta Baen Village, Preaek Anhchanh Commune, Mukh Kampul District, Kandal Tel: 069 666 183 E-mail: [email protected]

Angk Snuol Branch, Kandal

National Road 4, Svay Chrum Village, Baek Chan Commune, Angk Snuol District, Kandal Province.Tel: 069 666 067E-mail: [email protected]

S’ang Branch, Kandal

Knong Preaek Village, Preaek Koy Commune, S’ang District, Kandal ProvinceTel: 069 666 073E-mail: [email protected]

Prey Veng Branch, Prey Veng

National Road 11, Lekh Buon Village, Sangkat Kampong Leav, Prey Veng Municipality, Prey Veng Province. Tel: 069 666 145E-mail: [email protected]

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29 36

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33 40


Ratanak Kiri Branch, Ratanak Kiri

Chey Chumnas Village, Sangkat Labansiek, Ban Lung Municipality, Ratanak Kiri Province.Tel: 069 666 129 E-mail: [email protected]

Oddar Meanchey Branch, Oddar Meanchey

Samraong Village, Sangkat Samraong, Samraong Municipality, Oddor Meanchey Province. Tel: 069 666 176 E-mail: [email protected]

Preah Vihear Branch, Preah Vihear

La Edth Village, Sangkat Kampong Pranak, Preah Vihear Municipality, Preah Vihear Province.Tel: 069 666 153 E-mail: [email protected]

Pailin Branch, Pailin

Ou Ta Puk Leu Village, Sangkat Pailin, Pailin Municipality, Pailin Province.Tel: 069 666 064E-mail: [email protected]

Moung Russie Branch, Battambang

Roka 3 Village, Kear commun, Moung Russie district Battambang Province.Tel: 069 333 979E-mail: [email protected]

Koh Kong Branch, Koh Kong

No. 504, Street 48, Phum Ti Muoy, Sangkat Smach Mean Chey, Khemara Phoumin Municipality, Koh Kong Province. Tel: 069 666 213 E-mail: [email protected]

Svay Rieng Branch, Svay Rieng

National Road 1, Suon Thmei Village, Sangkat Prey Chhlak, Svay Rieng Municipality, Svay Rieng Tel: 069 666 104 E-mail: [email protected]

Kratie Branch, Kratie

National Road 7, Ou Ruessei Ti Muoy Village, Sangkat Ou Ruessei, Kracheh Municipality, Kratie Province. Tel: 069 666 208E-mail: [email protected]

Stung Treng Branch, Stung Treng Street 7 Chas, Pum Preaek, Sangkat Stueng Traeng, Stueng Treng Municipality, Stung Treng Province. Tel: 069 666 108 E-mail: [email protected]

Mondulkiri Branch, Mondulkiri National Road 76, O’ Spen Village, Sangkat Spen Meanchey, Krong Sen Monorom, Mondulkiri Province. Tel: 069 666 185E-mail: [email protected]

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obile

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vice

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