News Release


In-Principle Approval Received for Establishment of Phnom Penh Representative Office in Cambodia(1/1)

December 12, 2011

 

 

Sumitomo Mitsui Banking Corporation

 

 

 

In-Principle Approval Received for Establishment of

Phnom Penh Representative Office in Cambodia

 

 

TOKYO, December 12, 2011 --- Sumitomo Mitsui Banking Corporation (SMBC, President: Takeshi Kunibe) received on December 9, 2011, the in-principle approval to establish a representative office in Cambodia from the National Bank of Cambodia. With this approval, SMBC can now start taking the necessary steps to open the representative office in Phnom Penh.

 

Cambodia, Vietnam and other countries of The Greater Mekong Subregion have been intensifying their economic partnership with their neighboring countries over the years in step with the development of their distribution infrastructure. In recent years, there has been a growing interest in the region as a gChina Plus Oneh manufacturing base. Cambodia, in particular, has been attracting leading Japanese manufacturers in recent years due to its geographical advantages, located between Thailand and Vietnam, and relatively low wages. More companies are expected to expand into or further grow their operations in Cambodia.

 

The establishment of the representative office will enable SMBC to strengthen our ability to provide local information and support Japanese companies entering into Cambodia. SMBC will continue to strive to offer more comprehensive services to our clients.

 




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