HDBS ESTABLISHES BANK IN CAMBODIA

KUALA LUMPUR, July 23 (Bernama) -- Integrated financial services group,
Hwang-DBS (Malaysia) Bhd (HDBS) launched today its flagship commercial entity
and 100 percent owned subsidiary, the HwangDBS Commercial Bank Plc (Hwang DBS
CB) in Phnom Penh, Cambodia.

The bank was set up with a paid-up capital of US$20 million.

"HDBS is pleased and privileged to have been awarded the banking licence by
the National Bank of Cambodia to enable us to set up our first commercial
entity in Phnom Penh.

"We believe the Cambodian financial industry offers great growth
opportunities for foreign entities like HDBS," said Alex Hwang, a HDBS and Hwang
DBS CB director.

"HDBS has invested significantly in HwangDBS CB and we are committed to
building up local talent while expanding the overall marketability of our
people," he added.

HwangDBS CB will commence its banking activities on July 27 against
the competitive local backdrop of more than 27 local and foreign commercial
banks in Cambodia.
-- BERNAMA