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. The deal will be completed by the end of this year, according to SMBC. 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.