Sign up | Log in



Home  >>   Daily News  >>   Cambodia News  >>Finance  >> SMBC buys IFC Acleda shares
NEW UPDATES Asean Affairs  20  August 2014  

SMBC buys IFC Acleda shares

Japanese financial firm Sumitomo Mitsui Banking Corporation (SMBC) has agreed to buy out the International Finance Corporation’s (IFC) stake in Acleda Bank for more than $100 million.

Pending approval from the National Bank of Cambodia, the IFC – member of the World Bank Group – confirmed with the Post yesterday that it has sold its 27.6 million shares, or 12.25 per cent stake in Acleda Bank to SMBC for $110 million.

“With its financial strength and expertise, we believe Sumitomo Mitsui Banking Corp. is a strong strategic partner that can support Acleda’s continued long-term growth and contribute to Cambodia’s economic development and job creation,” Adel Meer, IFC’s financial institutions group manager for East Asia and the Pacific was quoted saying in a statement yesterday.

The share sale concludes a 15-year partnership between the IFC and Acleda Bank, and marks the end of the local banking firm’s 20-year reliance on international assistance organisations.

In Channy, president and CEO of Acleda said bringing on SMBC as a major shareholder will best help the bank target corporate clients.

“We already established a Foreign Corporate Desk with SMBC,” Channy said.

“We can provide a full package of financial services and products to our corporate customers from financing, cash management, payroll service, to international trade.”

SMBC’s purchase of 12.25 per cent of Acleda’s share capital makes the firm equal with Hong Kong-based JSH Asia Holdings and COFIBRED, a subsidiary of the French banking group BRED Banque Populaire, as primary shareholders.

Masayuki Shimura, head of Asia Pacific division and emerging markets SMBC, said his firm’s purchase was in fact an extension of an existing relationship with Acleda.

“In view of the expanding Cambodian economy, SMBC signed a memorandum of understanding for a business alliance with Acleda Bank in August 2012 and has been promoting business cooperation since then,” he said.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

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

Today's  Stories                            August 20, 2014 Subsribe Now !
• Quality control to lift exports Subcribe: Asean Affairs Global Magazine
• Petrolimex cuts petrol price by VND600
• BSD aims to develop estate in Surabaya
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Decline in prompt payments by local firms in Q2
• SMBC buys IFC Acleda shares
Asean Analysis                    August 20,, 2014

• Asean Analysis August 20, 2014
Using mobile money to increase financial inclusion in RI
Advertise Your Brand

Asean Stock Watch    August  19, 2014
• Asean Stock Watch-August 19, 2014
The Biweekly Update
• The Biweekly Update  August 8, 2014

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand