Prince Bank was recognized with Three Prestigious International Awards for Best Corporate Governance Bank in Cambodia 2023
[Phnom Penh, September 20, 2023] Prince Bank, a leading financial institution in Cambodia, has been recognized with three prestigious international awards for its stringent corporate governance. The Bank has been named the Best Corporate Governance Bank in Cambodia 2023 by Global Finance & Banking, International Finance Magazine, and World Economic Magazine.
These three awards are a testament to Prince Bank’s commitment to upholding the fundamental principles of corporate governance in accountability, transparency, fairness, responsibility, and risk management. Equally important is the pivotal role of the Board of Directors in upholding the highest standards of corporate governance to achieve robust, transparent, and responsible risk management and decision-making facilitated by a strong and balanced board and board committees. Together with a strong management team in execution, including responsible policies and practical strategies, have given Prince Bank a firm footing for its growth.
Speaking about the awards, Mr. Honn Sorachna, Managing Director and CEO of Prince Bank, said, “We are honored to receive these three awards, which are a testament to our dedication to excellence in all aspects of our business. Our management team has worked tirelessly to implement best practices in corporate governance guided by the independent board committees, ensuring that the Bank operates responsibly and sustainably. At Prince Bank, we strive to maintain the highest standards of corporate governance, and these awards are a recognition of our efforts to be a responsible financial institution and a good corporate citizen.”
Good Corporate Governance Principles for Banks emphasize the importance of effective check and balance mechanisms to ensure transparency and accountability. These are well reflected in Prince Bank’s key committees, such as the Audit and Risk Management Committee, where the Audit Committee oversees the financial reporting process and ensures the accuracy and reliability of the Bank’s financial statements, while the Risk Management Committee manages its risks. These committees serve as critical oversight bodies to ensure that Prince Bank operates with the utmost integrity and accountability by providing a robust system of checks and balances that ensures compliance with regulatory requirements and best practices. As a result of this unwavering commitment to best practices, Prince Bank has earned a reputation for its commitment to these principles.
Tan Sri Muhammad Bin Ibrahim, Independent Non-Executive Director and Chairman of the Board Risk and New Product Committee of Prince Bank, highlighted, “At the core of our values lies in the belief that effective governance is paramount to developing and maintaining a robust and long-lasting financial institution. Therefore, we are committed to ensuring that all our operations are governed by best practices, from product development to risk management and beyond. Under the Good Corporate Governance Principles for Banks, Prince Bank strongly emphasizes transparency and disclosure, recognizing that these elements are essential to establishing a practical governance framework. We strive to earn and maintain our stakeholders’ trust and confidence and deliver sustained value to our customers and the wider community.”
The awards come when Prince Bank expands its operations and strengthens its position as a leading financial institution in Cambodia. Celebrating its 8th Anniversary this year, the Bank is committed to providing its customers with innovative financial solutions and world-class service while also contributing to the development of the Cambodian economy.
Explore more about Prince Bank’s products and services at www.princebank.com.kh or call the Contact Center at 1800 20 8888 (Toll-free) to speak with one of the knowledgeable and friendly representatives who will be more than happy to assist you in any way they can.