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Home  >>   Daily News  >>   Cambodia News  >>Investment  >> South Korean bank buys local MFI
NEW UPDATES Asean Affairs   24 June 2014  




South Korean bank buys local MFI

South Korea-based Woori Bank has purchased Cambodian microfinance institution Malis Finance for $4.9 million.

Hun Soopheak, general manager of Malis Finance, said the deal was finalised two weeks ago; however, the firm is still awaiting approval from Cambodian regulators.

“Everything remains the same, but with the new shareholder,” Soopheak said.

Soopheak also revealed plans for Malis, which was launched in 2011 with $2.25 million in start-up capital, to develop into a commercial bank within the next five years.

“[Woori Bank] is looking to enter the ASEAN market, so they want to start in Cambodia with an MFI then . . . a bank,” he said.

“It’s difficult to develop a [stable] business model in Cambodia due to its low levels of economic development, so we’ve decided to first gain more expertise in the market by trying our hand in the micro financing business,,” a Woori bank official told the Korean Herald last week.

Sim Senacheeert, CEO of rival MFI Prasac Microfinance, welcomed the South Korean firm’s interest in Cambodia’s financial sector.

“We have seen many foreign investors coming because local investors are simply not interested – or don’t understand how MFI works,” he said.

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ASEAN  ANALYSIS

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

 


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