In-Principle Approval Received for Establishment of Phnom Penh Representative Office in Cambodia(1/1)
December 12, 2011
Sumitomo Mitsui Banking Corporation
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 Oneh manufacturing base. Cambodia, in particular, has been attracting
leading Japanese manufacturers in recent years due to its geographical
advantages, located between Thailand
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.