To all our valued customers and friends As Chairman and CEO of First Investment Specialised Bank,  I am pleased to have this opportunity to address our customers, our regulators and our shareholders on behalf of the Board of Directors of First Investment Specialised Bank.

The past year has been one of continuing development in our business. It has been a time of growth during a challenging period in which the strength of support for the Bank has been reflected in solid improvement throughout the year. Despite the waves of the global financial crisis lapping on its shores, the Royal Government of Cambodia has steered a steady course in macro-economic fiscal management. Over the years, international financial institutions such as the IMF have consistently given the Royal Government high marks for maintaining macroeconomic stability. Two of the hallmarks of the macro-economic success achieved by the Royal Government are maintaining stability in the Riel and keeping inflation in check. And it is important to note that since the beginning of the first mandate the Royal Government has worked to strengthen the banking and financial sector, and the structure that has been put in place was served Cambodia well during this time of international financial turmoil.

The maintenance of a sound system of macro-economic fiscal management has been a challenging task given the lack of monetary tools available and I would like to take this opportunity to recognise the Royal Government's contribution to the First Investment Specialised Bank, the banking and finance industry, and to the country as a whole.

The end of year is a time for reflection as well as celebration. Since opening in 2006, First Investment Specialised Bank has played a key role in the development of Cambodia through investing in and supporting the small and medium enterprises which make up the life-blood and future of this country. As outlined in Samdech Techo Hun Sen’s Rectangular Strategy, Phase II, the promotion of SME’s is an integral part of private sector development, and we at First Investment Specialised Bank are fully committed to that goal. We believe that we ' punch above our weight' and I am confident that as we work our way into 2010 that we will continue to do so. We are proud to have made a difference by providing today's entrepreneurs with the wherewithal to improve the quality of their lives and in turn contribute to improving the economy of this country. I would like to take this opportunity to thank all those that have made this possible from the staff at the National Bank of Cambodia to our very own employees working across the network of branches at First Investment Specialised Bank. And of course to you - our customers! We look forward to supporting you and your endeavours in 2010 and beyond.

  Huot Vanthan

Neak Oknha

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