Sumitomo Mitsui Banking Corp (SMBC) and Orix are to acquire 6% and 6.25% of Acleda Bank respectively at a total cost of c. JPY 10bn ($81.9 million); Acleda Bank is Cambodia's largest bank. Orix, which will now have a 12.25% stake in the bank, will nominate a director at Acleda once the deal is completed. The deal sees SMBC's stake in the bank rise to 18.25%, thereby deepening ties with the local lender, as well as fitting with the bank's ongoing expansion plans.
Sumitomo Mitsui Banking Corp (SMBC) and Orix are to acquire 6% and 6.25% of Acleda Bank respectively at a total cost of c. JPY 10bn ($81.9m); Acleda Bank is Cambodia's largest bank. Orix, which will now have a 12.25% stake in the bank, will nominate a director at Acleda once the deal is completed. The deal sees SMBC's stake in the bank rise to 18.25%, thereby deepening ties with the local lender, as well as fitting with the bank's ongoing expansion plans.