SMBC purchases additional shares of Cambodian-based ACLEDA Bank
(27 August 2015 – Japan) Sumitomo Mitsui Banking Corp (SMBC) president and chief executive Takeshi Kunibe announced on 24 August that it will purchase an additional 6 percent of the shares of ACLEDA Bank Plc, the largest bank in Cambodia.
SMBC’s stake will rise from the current 12.25 percent to 18.25 percent, making ACLEDA Bank an equity-method affiliate of SMBC.
SMBC has worked to enhance its partnership with ACLEDA Bank since the Memorandum of Understanding for business alliance was signed in August 2012.
In September 2014, SMBC acquired 12.25 percent of ACLEDA Bank shares and appointed a director to its Board.
In February 2015, SMBC expanded the scope of its business cooperation with ACLEDA Bank into Laos.
SMBC is building a platform in Asia as part of its objective to become an Asia-centric financial institution and said the strengthening of the partnership with ACLEDA Bank will enable SMBC to serve the diverse needs of clients in the fast-growing emerging countries.
Approval is still to be granted by the National Bank of Cambodia, the country’s central bank.
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