ANZ inks Cambodia deal
(2 November 2004 – Cambodia) ANZ has inked a deal with Cambodia’s Royal Group to set up a joint venture aimed at providing retail banking services to tourists visiting the country.
Royal Group is Cambodia’s principle telecommunications company.
The joint venture bank will also service ANZ’s multinational clients with a presence in Cambodia. Offices will be initially established in the capital Phnom Penh and Siem Riep, where the ancient temple Angkor Wat is located.
ANZ will hold a 55 percent stake and inject US$9.9 million in to the venture.
ANZ group managing director, Asia Pacific, Elmer Funke Kupper, said the agreement with Royal Group gave the bank a low risk growth option, which was based on its experience in developing countries.
"The joint venture also allows us to contribute to Cambodia as its economy moves toward higher growth and supports the emerging interest of Australian, New Zealand and Asian businesses in developing tourism, trade and investment links in Cambodia," he said.
The joint venture bank will also service ANZ’s multinational clients with a presence in Cambodia. Offices will be initially established in the capital Phnom Penh and Siem Riep, where the ancient temple Angkor Wat is located.
ANZ will hold a 55 percent stake and inject US$9.9 million in to the venture.
ANZ group managing director, Asia Pacific, Elmer Funke Kupper, said the agreement with Royal Group gave the bank a low risk growth option, which was based on its experience in developing countries.
"The joint venture also allows us to contribute to Cambodia as its economy moves toward higher growth and supports the emerging interest of Australian, New Zealand and Asian businesses in developing tourism, trade and investment links in Cambodia," he said.
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