Sumitomo Mitsui Banking Corporation (SMBC) of Japan will sign a
memorandum of understanding with Acleda Bank Plc this weekend for mutual
business co-operation.
Senior Acleda officials said the
agreement would help to improve investment and trade from Japan to Cambodia.
SMBC is one of two Japanese
mega-banks, out of three, to officially open a representative office in
Cambodia in mid-February, after an absence of 45 years.
The agreement will be signed by
Masayuki Shimura, director and head of the Asia- Pacific division of SMBC and
In Channy, Acleda’s president and CEO on Friday, according to the statement
from Acleda.
In Channy told the Post yesterday
SMBC had selected the bank to be its partner after seeing the wide business
operations Acleda had to offer.
“They’ve already opened their
representative office here in Cambodia. Meanwhile, we are the biggest bank in
the Kingdom, thus we were selected to be partners,” he said.
Acleda will also give Japanese
investors and businesses advice on the economy, investment information and
additional help so they may invest in a wide number of sectors across the
country, he said.
“Whether or not they use our financial
services; it depends on their decision. We don’t require them to use Acleda’s
service or products.
“If SMBC has clients who are
looking to do business in Cambodia, they will recommend us to them first,’ he
added.
Both banks will provide mutual
support for their respective clients, as well as promote economic co-operation
between Cambodia and Japan on the activities such as: loans, deposits, money
transfers, cash management, and other trade finance services, said the
statement.
Both banks will mutually exchange
information on their own country’s economy, industries, financial products,
banking etc as well as clients’ credit information with each other, it
continued.
Hiroshi Suzuki, CEO and Chief
Economist at the Business Research Institute for Cambodia said the limited
number of Japanese customers had led SMBC to decide not to open a branch in
Cambodia. However, the MoU will be the main drive for the improving of
investment from Japan.
May Kunmakara
Business & Investment Opportunities
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