The proposed project (the “Project”) involves a senior loan of up to US$10 million to Advanced Bank of Asia Limited (“ABA” or “the Bank”), in order to support the Bank’s growth and to provide additional access to finance to local borrowers, in particular, MSMEs in Cambodia.

ABA has condensed shareholding structure with only 2 shareholders. National Bank of Canada (the 6th largest bank in Canada by asset size) has been a shareholder of ABA since August 2014 with initial 10% shareholding that increased to 90% in May 2016. The individual sponsor, Mr.Damir Karassayev, has been with ABA since 2007 when a private equity group acquired the Bank.

The proposed IFC investment is up to US$10 million senior loan consisting of an A loan for IFC’s own account and up to US$5 million B loan from the IFC Women Entrepreneurs Debt Fund.

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

An extended list of private actors is available in a separate file. 

Advanced Bank of Asia Limited has condensed shareholding structure with only 2 shareholders. National Bank of Canada (the 6th largest bank in Canada by asset size) has been a shareholder of ABA since August 2014 with initial 10% shareholding that increased to 90% in May 2016. The individual sponsor, Mr.Damir Karassayev, has been with ABA since 2007 when a private equity group acquired the Bank.

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/