Cambodia's APD Bank has announced that it will close three branches in the capital—Olympia, Norodom, and Mao Tse Toung Boulevard—starting November 1, leaving only its Boeung Kak headquarters operational. Reporters visiting the branches found that some of the affected branches have already begun packing up and relocating items.
The bank has imposed withdrawal restrictions since March this year, which previously prompted multiple large depositors to seek clarification at the headquarters. Yesterday, dozens of depositors gathered once again outside the APD head office, demanding an official explanation regarding the ongoing deposit withdrawal limits. While the bank has not filed for liquidation or declared bankruptcy, the sudden branch closures paired with prolonged withdrawal curbs have clearly added to depositors' anxiety.
Confidence in Cambodia's financial market has already been shaken this year, with six lenders—including Prince Bank and Henghe Bank—entering liquidation, while Chief Bank has been taken over. For Chinese expatriates and local business owners, navigating this period of banking instability may call for greater caution: diversifying funds across multiple institutions, keeping thorough records and transaction slips, and closely monitoring formal bank announcements.
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