Home > Business, Cambodia Business News > ANZ takes ‘opportunistic’ view towards Royal Tower

ANZ takes ‘opportunistic’ view towards Royal Tower

CEO of ANZ Banking Group Mike Smith, visiting Cambodia, said the company would continue to build and grow in the Kingdom. Photo by: Pha Lina
The chief executive officer of ANZ Banking Group said yesterday the
bank would take an “opportunistic” approach towards the 36-storey Royal
Tower, following reports that the Cambodian conglomerate behind it was
still raising capital for the project.

The Royal Group-backed tower is set to be located in Phnom Penh, at the corners of Monivong and Russian Federation Boulevards.

Artist impressions of the proposed tower on The Royal Group’s website prominently display the ANZ Royal logo on the building.

Construction
was slated to be completed by mid-2013 with the tower set to be “Phnom
Penh’s first Grade A office building by Hong Kong standards,” according
to the Royal Group’s website yesterday.

However, media reports
from October claimed the Royal Group was still in negotiations with
investors in order to complete funding for the project.

ANZ Bank
chief executive officer Mike Smith did not reveal any specific plans
for building yesterday at a press conference announcing the ANZ Royal
Bank’s new logo.

“We’re continuing to look at the opportunities
that we have,” the Australia-based CEO Mike Smith. “Within the country,
we will continue to build and grow – and if the opportunity arises I’ve
no doubt something will happen.”

When asked about a timeline, he said “these things are opportunistic.”

Smith
unveiled the new ANZ Royal Bank logo yesterday at the bank’s Cambodian
headquarters, which he said brought it into line with the firm’s logos
in its other markets.

ANZ Royal Bank is 55 percent owned by ANZ Bank, and 45 percent by the Kingdom’s conglomerate Royal Group.

“I
think it’s important symbolic that it ties Cambodia into the group of
regional presence that ANZ Group has in 32 countries around the
region,” Smith said.

He added the new logo was meant to
represent ANZ’s three main locations of businesses, including
Australia, New Zealand, and Asia-Pacific.

The unveiling was also attended by Royal Group chairman Kith Meng and ANZ Royal Bank chief executive officer Stephen Higgins.

Phnom Penh Post
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