Yep — the maple-leaf money is real.
ABA is legally Cambodian (registered and licensed in Phnom Penh), but since October 2019 the National Bank of Canada (NBC) has owned ≈ 99.99 % of its shares, making it effectively a Canadian-controlled subsidiary.
How the Canadian stake happened — the fast-track recap
- 2014 – Beachhead (10 %)
NBC buys an initial 10 % in ABA to test the waters of fast-growing Southeast Asia. - 2015 – Scale-up (42 %)
Confidence grows; the Canadians quadruple their position to 42 %. - 2016 – Control (90 %)
A further share-purchase agreement lifts NBC to a commanding 90 % stake—the first North-American majority owner of a Cambodian bank. - 2019 – Virtually full ownership (99.99 %)
NBC acquires the remaining shares, cementing ABA as its crown-jewel emerging-market arm. - 2024 – “We’re not selling.”
When rumors swirled that NBC might cash out, it publicly denied any plan to exit, calling ABA a growth engine.
Why a Canadian bank dove into Cambodia
| Strategic Play | What it means |
| Hyper-growth market | Cambodia’s banking sector has expanded at double-digit rates for a decade; returns dwarf slow, regulated Canadian margins. |
| Underserved population | Millions of Cambodians were unbanked—perfect for a digital, app-driven leapfrog. |
| Regulatory green light | The National Bank of Cambodia welcomes foreign expertise and capital, especially when paired with local management. |
| Diversification hedge | NBC spreads risk beyond North America, balancing mature markets with frontier-market upside. |
| First-mover advantage | Being the lone G-7 parent bank in Cambodia gives NBC an edge in corporate, trade-finance, and big-ticket deals. |
Does “Canadian-owned” change the vibe on the street?
Not really—ABA still speaks Khmer, runs on local talent, and courts tuk-tuk drivers and tech startups alike. The Canadian back-stop simply turbo-charges trust, capital, and global-grade risk management. That combo—Khmer hustle + Canadian muscle—is exactly why ABA rules Cambodia’s banking leaderboard today.
So yes, “Really Canada.” 🇰🇭🤝🇨🇦
Quick answer in one line:
ABA Bank is Cambodian—head-quartered and licensed in Phnom Penh—yet 99.99 %-owned by National Bank of Canada, and it’s wildly popular because it turned banking in Cambodia into a slick, phone-first, 24-hour experience that even the remotest tuk-tuk driver can use.
Why Cambodians (and expats) rave about ABA
| 🔥 Reason | What makes it epic | Source |
| 1. Phone-first banking pioneer | Launched Cambodia’s first full-scale mobile app ABA Mobile in 2015; now the #1 free finance app and handles 80 %+ of all customer transactions. | |
| 2. Everywhere, 24/7 | 99 branches, >1,600 self-banking “24/7 Zones,” ATMs & Cash-Deposit Machines blanketing every province. | |
| 3. Rocket-fuel capital | Backed by National Bank of Canada—a fresh US $220 million injection in 2024 alone—so people trust its balance-sheet strength. | |
| 4. Fin-tech swagger | First to roll out QR-code payments, PayWay e-commerce gateway, instant FAST transfers, and online account opening—zero paper, zero queue. | |
| 5. Awards on repeat | “Best Bank in Cambodia” 11 years running (Global Finance, Euromoney, International Finance). | |
| 6. Big-league numbers | Assets: US $13.8 billion (2024), deposits US $11 billion, 4.4 million customers—largest commercial bank in the country. | |
| 7. SME & micro-loan champion | Fuels Cambodia’s small-business boom with fast-turnaround digital loans and merchant tools—loved by street vendors to startup founders. |
The country connection—Cambodia × Canada synergy
- Cambodian roots: Founded in Phnom Penh in 1996 to serve local corporates, so it “speaks Khmer” in both culture and compliance.
- Canadian muscle: Since 2019 it has been virtually wholly owned by Montréal-based National Bank of Canada, plugging first-world risk management and deep pockets into an emerging-market rocket ship.
The takeaway
ABA won hearts because it married world-class tech and Western-grade capital with on-the-ground Cambodian hustle. In a country where cash once ruled, ABA put an entire bank inside a smartphone and backed it with the credibility of a G-7 parent—no wonder it’s the go-to wallet from Phnom Penh penthouses to rural market stalls.
(Now imagine what happens when they start exporting that playbook across ASEAN…)
Founding and Early Years (1996–2006)
ABA Bank was established in 1996 under the name Advanced Bank of Asia Limited, initially focused on providing commercial banking services to a limited number of corporate clients . In its early years, the bank operated on a modest scale, catering to Cambodia’s emerging business community and corporate sector. As a private financial institution (not state-owned), ABA Bank spent its first decade building a foundation in the Cambodian banking market, though its footprint remained relatively small during this period.
New Ownership and Rebranding (2007–2010)
A major turning point came in April 2007 when Visor Group, a Kazakhstan-based emerging markets private equity firm, acquired a 100% stake in ABA Bank . This international acquisition brought fresh capital and expertise, leading to significant investment in the bank’s infrastructure and strategy. Following the takeover, ABA Bank expanded beyond its initial niche – it opened its first provincial branch in Siem Reap in 2007 and began moving into retail and SME banking . In 2008, the bank rolled out technological upgrades, launching one of Cambodia’s first advanced internet banking platforms (branded “iBank”) and installing a nationwide network of ATMs/POS in partnership with MasterCard .
This period also saw a change in leadership and identity. A new management team joined the bank, and in 2009 the institution rebranded itself as ABA Bank, introducing the “ABA” brand to the market . Under the new leadership (which included future CEO Askhat Azhikhanov ), ABA modernized its image and broadened its services, adding offerings like Visa debit/credit cards, MoneyGram transfers, and small-business loans . The fresh strategy quickly yielded results – ABA turned profitable by 2010 and entered a phase of continuous growth .
Rapid Growth and International Partnership (2011–2015)
In the early 2010s, ABA Bank embarked on rapid expansion. It steadily grew its customer base and geographic presence, extending banking services to more communities. By 2014, ABA’s branch network had exceeded 25 outlets nationwide after opening a record eight new branches in that single year . The bank’s robust growth and improved services began garnering industry recognition; for example, Euromoney and The Banker magazines named ABA as the “Best Bank in Cambodia” in 2014 , reflecting the bank’s rising prominence.
A key development in this era was the entry of an international strategic partner. In July 2014, the National Bank of Canada (NBC) became a minority shareholder in ABA Bank . The Canadian banking group’s investment (initially around 42% ownership by 2015 ) brought new opportunities and confidence to ABA, strengthening its capital base and corporate governance. Even as this partnership took shape, ABA continued to innovate on the technology front. Notably, in 2015 the bank launched ABA Mobile, the first full-scale mobile banking app in Cambodia, which greatly enhanced digital banking convenience for customers . This early move into mobile banking (along with other digital offerings) set ABA apart as a tech-forward bank and contributed significantly to its growth in retail deposits and transactions. By mid-decade, ABA had firmly established itself among Cambodia’s top-tier banks, blending rapid physical expansion with digital innovation.
National Bank of Canada Ownership and Market Leadership (2016–Present)
The latter half of the 2010s saw ABA Bank solidify its leadership in the Cambodian banking sector, backed by increasing international ownership. The National Bank of Canada progressively raised its stake in ABA – growing to a 90% ownership by 2016 – and eventually acquiring 99.99% of ABA’s shares in 2019 . With this final acquisition, ABA Bank became a subsidiary of National Bank of Canada Group, a relationship symbolized by an updated ABA logo in 2017 denoting its membership in the Canadian banking group . Under the stability of this ownership, ABA continued to expand and innovate at an impressive pace. It added numerous branches each year (reaching 99 branches by 2024 across Cambodia ) and extended services into rural districts, while also investing heavily in digital infrastructure.
ABA’s focus on technology earned it a reputation as a digital banking leader. The bank was an early adopter of fintech solutions in Cambodia – for instance, it partnered with others to introduce QR code payments in the country’s payment ecosystem by 2018 . ABA also launched the PayWay online payment gateway to support e-commerce and introduced online account opening services, enhancing accessibility for customers . International rating agencies took notice of ABA’s progress; by 2017, ABA Bank became the first bank in Cambodia to receive two international credit ratings (from agencies like S&P), reflecting growing confidence in its financial soundness . The bank has consistently earned accolades such as “Best Bank in Cambodia” from publications including Global Finance and Euromoney year after year in the late 2010s and into the 2020s .
On the regulatory front, ABA achieved a significant milestone in 2019 by issuing and listing corporate bonds on the Cambodia Securities Exchange, raising 84.8 billion riels (around $21 million) . This move not only diversified the bank’s funding sources but also marked one of the early corporate bond issuances in the local market by a commercial bank. ABA’s participation in industry-wide initiatives (such as the National Bank of Cambodia’s FAST payment system for instant fund transfers ) and partnerships with insurance and fintech firms has further integrated it into the fabric of Cambodia’s financial sector.
Today, ABA Bank holds a leading position within Cambodia’s banking industry. It is Cambodia’s largest commercial bank by key metrics – including total assets, customer deposits, loan portfolio, and profitability – according to recent National Bank of Cambodia reports . By the end of 2024, ABA’s assets had grown to roughly $13.8 billion, reflecting a diversified and rapidly expanding portfolio . The bank’s lending is heavily focused on micro, small, and medium enterprises, which has fostered entrepreneurship and economic growth at the grassroots level. As a result, ABA is seen as a major driver of the country’s financial stability and development .
Leadership: Much of ABA’s extraordinary journey can be attributed to its strong leadership and vision. The transformation initiated in 2007–2009 was led by experienced international bankers introduced by the new owners. Notably, Askhat Azhikhanov, who joined during the 2009 restructuring, later became President & CEO of ABA Bank and has overseen its expansion into a modern, technology-driven institution. Under his tenure and the guidance of the Board (which includes representation from National Bank of Canada), ABA has pursued a strategy centered on customer-centric innovation and prudent growth .
In summary, ABA Bank’s history spans from a modest start in 1996 to its current status as a market-leading, internationally-backed Cambodian bank. Key chapters of this history include its founding to serve corporate clients, a 2007 acquisition that injected new life and direction, a rebranding and modernization drive around 2009, aggressive expansion and early adoption of digital banking in the 2010s, and the partnership with National Bank of Canada that propelled ABA into the top tier of Cambodia’s financial sector. Today, ABA Bank stands as a flagship institution in Cambodia, blending local insight with global standards, and continues to play a pivotal role in the country’s banking industry.
Sources: The information above is drawn from ABA Bank’s official publications and reputable news sources, including the bank’s own historical timeline and corporate reports , as well as coverage in the Phnom Penh Post and other outlets . These sources document ABA’s milestones, ownership changes, and achievements over the past decades in detail.