Phnom Penh, 09 August 2019 _ SATHAPANA Bank Plc (“SATHAPANA”) supports the opinion raised by the Cambodia Microfinance Association (“CMA”) regarding LICADHO’s and STT’s Report on “Collateral Damage” released on 07 August, 2019 (“Report”) that the Report does not represent the current financial health in Cambodia, and painted an unrealistically negative picture of MFI Lending while the extracted data is from 28 case studied out of close to 2 million loans in respect to CMA’s Press Release dated 07 August, 2019.
SATHAPANA is a fully licensed commercial bank which always put the applicable rules and regulations as its road map and the Client Protection Concept is one of our core principles. Being one of the key players in financial sector in Cambodia, SATHAPANA has built our reputation since 1995 by the good service we have provided and the trust gained from the clients including but not limited to foreign and local investors who are our lender and deposit/loan clients.
SATHAPANA is saddened by the news and dismisses the accusation stated in the LICADHO and STT Report which included SATHAPANA as part of the multiple sufferings and/or serious human right abuses as a result of MFI debt. We would like to inform the public that SATHAPANA’s management always keeps reminding and sending messages to our staff, especially to hundreds of our credit officers, to work professionally, and SATHAPANA strictly applies zero tolerance to any serious misconduct and/or unethical attitude committed by any of our staffs. In view of this, SATHAPANA will strongly take action and closely collaborate with our dialogue partners to detect the example stated in the report.
Last but not the least, the discouragement generated by the Report will not stop SATHAPANA from being one of the trusted banks to further participate and significantly contribute to the poverty alleviation and financial inclusion in Cambodia.