Sumitomo Mitsui Banking Corp. plans to acquire a stake of 12.25 percent in Acleda Bank, the largest commercial bank in Cambodia, for over ¥10 billion [$97.6 million] to become its top shareholder, sources said Monday.
Pending approval by regulatory authorities in the Southeast Asian country, the banking giant will buy the stake from Acleda’s current top shareholder, International FINANCE
Corp., as early as September to form a capital and business partnership, the sources said. IFC is a member of the World Bank group.
Corp., as early as September to form a capital and business partnership, the sources said. IFC is a member of the World Bank group.
It is the first time a Japanese bank has obtained a stake in a Cambodian bank, and SMBC plans to send one of its executives to Phnom Penh-based Acleda.
The INVESTMENT is aimed at strengthening services for Japan-affiliated companies in Cambodia and acquiring local corporate clients by making use of Acleda’s broad customer base.
is aimed at strengthening services for Japan-affiliated companies in Cambodia and acquiring local corporate clients by making use of Acleda’s broad customer base.
Sumitomo Mitsui has already formed capital and business partnerships with major banks in Vietnam and Indonesia.
By further expanding into Asian markets, where fund demand is surging thanks to resource and infrastructure development, Sumitomo Mitsui aims to acquire new customers for its LOANS.
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