Business Cooperation between SMBC and ACLEDA Bank Plc. in Lao People's Democratic Republic ("Laos")(1/1)
February 24, 2015
Sumitomo Mitsui Banking Corporation
Business
Cooperation between SMBC and ACLEDA Bank Plc. in Lao Peoplefs Democratic Republic
(gLaosh)
TOKYO, February
24, 2015 --- Sumitomo Mitsui Banking Corporation (gSMBCh, President and CEO:
Takeshi Kunibe) and ACLEDA Bank Plc. (gACLEDA Bankh, President
and Group Managing Director: In Channy), Cambodiafs largest private bank, have
today entered into an agreement to expand their business cooperation into Laos.
In September
2014, SMBC acquired a 12.25% stake in ACLEDA Bank, further strengthening their
partnership, which commenced in August 2012 with the signing of the business corporation
agreement by the two banks. In view of the strategically important location of
Laos in the Mekong region, which is experiencing a rapid economic growth, the
two banks decided to expand their business cooperation into the country.
The expansion
will enable SMBC to support corporate clients seeking business opportunities in
Laos by introducing them to the banking subsidiary of ACLEDA Bank, ACLEDA Bank
Lao Ltd. We will continue to actively implement initiatives to support the activities
of our clients in the fast-growing Mekong region.
Profile
of ACLEDA Bank Plc.:
|
Established: |
1993 |
|
Address of Head Office: |
#61, Preah Monivong Blvd., Sangkat Srah Chork, Khan Daun Penh, Phnom Penh, Kingdom of Cambodia |
|
Branch Office Network: |
253 in Cambodia, 41 in Laos, and 6 in
Myanmar (including overseas subsidiaries) (as of December 31, 2014) |
|
Total Assets: |
US$3.08 billion (as of December 31, 2014) |
Profile
of ACLEDA Bank Lao Ltd.:
|
Established: |
2007 |
|
Address of Head Office: |
#372, Corner of Dongpalane
and Dongpaina Road, Unit 21, Phonesavanh Neua Village, Sisattanak
District, Vientiane Capital, Lao
Peoplefs Democratic Republic |
|
Branch Office Network: |
41 (as of December 31, 2014) |
|
Total Assets: |
US$146 million (as of December 31, 2014) |
