ASEAN KEY DESTINATIONS
Japanese firm, bank raise stakes in Acleda
Japanese bank Sumitomo Mitsui Banking Corporation and financial services firm Orix Corporation upped their individual stakes in Cambodia’s largest bank, Acleda, acquiring shares from JSH Asian Holdings, an existing stakeholder in the bank.
Sumitomo Mitsui acquired an additional 6 per cent in Acleda, taking its total stake to 18.25 per cent, with Orix increasing its 6 per cent holding to 12.25 per cent, according to a release from Acleda today.
In Channy, president and groiup managing director of Acleda, said the stake sale would help the bank build up capital for future use and that the acquisition by Sumitomo and Orix were “proof of the high level of investor trust in Acleda.”
“It [Acleda] always listens well to its value customers and partners and introduces the financial services and products required by them,” Channy said in the release.
Sumitomo’s managing director and head of its Asia Pacific division Shosuke Mori said his firm’s continued collaboration with Acleda was helping achieve the latter’s goal of proving quality financial services across customer segments.
“This additional investment will accelerate SMBC’s efforts to realise our Asia-centric strategy, and enable SMBC to serve diverse customers’ needs through extending our network to fast-growing emerging countries,” Mori said.
According to the National Bank of Cambodia’s Supervision Report 2014 Acleda led the pack in profits among other local banks, reporting $82 million of the sector’s $311 million in profits.
As of June 2015, the Kingdom’s largest bank had assets worth $3.6 billion, 255 branches throughout Cambodia, as well as branches and offices in Laos and Myanmar.
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below