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Sumitomo Mitsui’s stake in ACLEDA has spurred growth: bank’s president

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ACLEDA president In Channy (right) at the 10th anniversary ceremony of the MoU on August 12. SUPPLIED

Sumitomo Mitsui’s stake in ACLEDA has spurred growth: bank’s president

The participation of Sumitomo Mitsui Banking Corp (SMBC) as a shareholder in ACLEDA Bank Plc has helped to build a robust financial position in the Kingdom and create more confidence among the public over the decade.

Speaking at the 10th anniversary ceremony of the two firms’ strategic partnership on August 12, ACLEDA president and group managing director In Channy said SMBC has supported the bank at every level.

These include direct training to employees as well as organised and facilitated field visits and training on Electronic Banking Service and digital banking for technical teams at digital banks in the region.

Channy said that as a strategic shareholder, SMBC also provided support for ACLEDA’s operations and strategic plan development including financial technology.

“Without their technical and strategic support and guidance, ACLEDA might not have succeeded or reached this stage,” he added.

The two institutions were celebrating a decade-long relationship following a memorandum of understanding on mutual business cooperation on August 12, 2012.

A year later on September 12, both parties signed a corporation services agreement which gave rise to the establishment of a Foreign Corporate Desk in ACLEDA.

The new unit enabled ACLEDA to expand its commercial bank products and services to meet international clients’ needs, particularly corporate Japanese customers.

According to ACLEDA, SMBC acquired 12.25 per cent of its shares in August 2014 and appointed a director to the board. On August 21, 2015, SMBC increased its stake to 18.25 per cent.

On May 27 this year, Japan International Cooperation Agency (JICA) and SMBC Singapore Branch signed a $135 million facility agreement with ACLEDA to provide loans to the agriculture sector in Cambodia.

Based on total assets of $8.2 billion as of March 31, ACLEDA is the largest commercial bank in Cambodia. Its total credit portfolio stood at $5.8 billion while total deposits reached $5.9 billion with over 3.44 million customers.

ACLEDA has four subsidiaries, consisting of ACLEDA Institute of Business Co Ltd, ACLEDA Securities Plc, ACLEDA Bank Lao Ltd and ACLEDA MFI Myanmar Co Ltd.

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