Japan’s Sumitomo Mitsui Banking (SMBC) and financial services firm ORIX have acquired additional stakes in Cambodia’s ACLEDA Bank from the bank’s existing shareholder JSH Asian Holding.
Sumitomo Mitsui has acquired an additional 6% stake in the Cambodian lender, increasing its total stake in the bank to 18.25%.
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ORIX bought a 6.25% stake in the bank, raising its overall stake in the bank to 12.25%.
The move has already received the go-ahead from the National Bank of Cambodia.
According to ACLEDA Bank president and group managing director In Channy, the acquisition of the additional shares would help build up capital for future use.
SMBC managing director, head of Asia Pacific division added: This additional investment will accelerate SMBC’s efforts to realize our Asia-centric strategy, and enable SMBC to serve diverse customers’ needs through extending our network to fast-growing emerging countries.
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By GlobalData"With this deeper relationship, we want to further contribute to the economy of Cambodia and also support ACLEDA Bank Plc. in achieving its Vision of providing superior financial services to all segments of the Cambodian community."
As of the end of June 2015, ACLEDA Bank comprised 255 branches across Cambodia, and managed total assets of about $3.64bn.
