South Korea’s Industrial Bank of Korea (IBK) has announced that it will open a representative office in Phnom Penh this year. IBK will become the third Korean bank to be granted a license from the National Bank of Cambodia to set up an office to operate as a commercial bank in Cambodia. According to IBK CEO Kim Do-Jin, it took about three years to get a license from the central bank. He said IBK would serve local and Korean small and medium sized enterprises. The office launch for offering services would take place after the completion of infrastructure and staff training, he added. (Source: Khmer Times)