Siam Commercial Bank will begin expanding its footprint across the region in anticipation of greater business opportunities and competitive pressures with the launch of the Asean Economic Community in 2016. …
SCB, Thailand’s third-largest bank in terms of assets, operates branches in Laos, Singapore and Hong Kong as well as a joint venture in Vietnam and an affiliate in Cambodia. The bank will open a representative branch in Yangon later this month, with plans to expand to a joint venture bank or branch as Myanmar liberalises its financial markets. …
Vietnamese Bank Sacombak (Cambodia) Plc, a wholly-owned subsidiary of Sacombank in Vietnam, will extend its operation in the Cambodian financial market, according to a bank official.
Nguyen Nhi Thanh, CEO and President of Sacombank in Cambodia, said during the first anniversary celebration after the bank’s transformation into a 100 per cent foreign-owned bank yesterday that the bank would open more branches in Phnom Penh at the end of this year and in other provinces in the following years. …
According to a press release, as of September 2012, the total raised equity capital has reached US$42 million, while the current total assets increased to more than $99 million.
By Rann Reuy, P. 9
One of the largest banks in Japan, Sumimoto Mitsui Banking Co., will sign an agreement with Acleda Bank Friday to share market data and banking services, Acleda announced yesterday.
The deal would allow Sumimoto Mitsui, which currently only has a representative branch in Cambodia, to access Acleda’s research on the banking and financial markets, while both banks would encourage their customers to use one another’s services in order to promote foreign investment. …
Nguon Sokha, director-general of the National Bank of Cambodia, said the deal would allow Sumimoto Mitsui to feel out the market before applying for a full commercial banking license.
With 32 commercial banks already operating in Cambodia and several micro-finance institutions looking to expand into full-fledged banks by 2015, the banking market here has become highly competitive. …
Philip Heijmans, P. 19
Tong Yang Securities (Cambodia) and ACLEDA Securities yesterday signed a memorandum of understanding to partner the services they offer to the Kingdom’s budding financial markets.
To expand their footprint in the market, the companies aimed to provide a combination of advisory and underwriting services for companies planning to list on the CSX, officials said yesterday.
ACLEDA Bank president and chief executive In Channy pointed to Tong Yang’s experience with its home South Korean markets as a main reason for the partnership, while Tong Yang president and chief executive You Joon Ryeol noted ACLEDA’s reach within the Kingdom…