Sumitomo Mitsui Banking Corporation

 

 

Sumitomo Mitsui Banking Corporation and ACLEDA Bank Plc.

of Kingdom of Cambodia Agree to Enhance Collaboration

 

 

TOKYO, September 12, 2013 --- Sumitomo Mitsui Banking Corporation (“SMBC”, President & CEO: Takeshi Kunibe) and ACLEDA Bank Plc. (“ACLEDA”, President & Group CEO: Dr. In Channy) today announced their intent to establish a Foreign Corporate Desk (“FCD”) within  ACLEDA. SMBC will also provide ongoing technical assistance to ACLEDA to support the operations of the FCD.

                                                                                                                        

SMBC has been enhancing its presence in Cambodia since establishing a representative office in Phnom Penh in February 2012. It has also been developing and strengthening its collaboration with ACLEDA, Cambodia’s leading commercial bank. In August 2012, SMBC signed a Memorandum of Understanding on Mutual Business Cooperation (“MOU”) with ACLEDA to leverage ACLEDA’s broad network and provide stronger support to clients.

 

To further deepen the relationship between both banks, SMBC and ACLEDA will enter into a Consultancy Service Agreement (“Agreement”). This Agreement, an extension to the MOU, aims to expand the scope of collaboration between the two banks. Under the Agreement, SMBC will second a Japanese staff member of SMBC to the FCD, introduce corporate clients expanding into Cambodia to the FCD with their consent, and share best practices and product knowledge with ACLEDA to meet the ever growing demand of foreign investors into Cambodia.

 

With ACLEDA’s support, SMBC will be able to support the business activities of its Japanese and multinational clients in Cambodia, and further strengthen trade flows and foreign direct investments into Cambodia.

 

 

 

 

(ACLEDA Bank profile)

 

-        Founded in 1993

-        Headquarters:　        #61, Preah Monivong Blvd., Sangkat Srah Chork, Khan Daun Penh

Phnom Penh, Kingdom of Cambodia

-        Domestic branches: 238 (as of December 31, 2012)

-        Total Assets:             USD$1.98Billion (as of December 31, 2012)

-       Stock Listing:             Not listed

 

 

 

 

End