Search form

Login - Register | FOLLOW US ON

Logo of Phnom Penh Post newspaper Phnom Penh Post - Mizuho bank links up with Maybank and Canadia

Mizuho bank links up with Maybank and Canadia

Japan-based Mizuho Bank (MHBK) has signed an agreement with two well-established banks in Cambodia that is designed to help Mizuho leverage a wider range of financial services when dealing with Japanese clients.

The memorandum of understanding was inked on Friday in Phnom Penh between Mizuho’s president and CEO, Yasuhiro Sato, Maybank (Cambodia) CEO Lee Tien Poh, and Canadia Bank CEO Michael Lor.

“We have been providing information to Japanese corporations entering the Cambodian market,” Sato said on Friday. “As a bank with a reputation for strength in the Greater Mekong subregion, MHBK will use this memorandum of understanding to provide high-quality financial services to meet the diverse needs of our customers.”

In July, MHBK, one of the largest banks in Japan, opened a Phnom Penh representative office – the usual first step for banks looking to establish local branches in other countries.

Mizuho Bank is now the third Japanese mega-bank with a representative office in Phnom Penh. The other two are Tokyo-Mitsubishi UFJ Bank and Simitomo Mitsui Banking Corporation.

Mizuho isn’t the first to seek out cooperation. In May, Tokyo-Mitsubishi UFJ signed a similar agreement with Canadia.

In the past couple of years, Japanese investment in Cambodia has surged. Data from the Japanese embassy in Phnom Penh shows that investment totalled $330 million in 2012, a big jump from the $75 million in 2011.

At the end of March, there were 115 members of the Japanese Business Association of Cambodia, compared to 101 at the end of 2012.

But the country still lags behind investors from China and South Korea.

According to data from the Council for the Development of Cambodia, Japan ranked 14th in terms of foreign direct investing in Cambodia, having spent $154 million in the country from 1994 to 2011.

The Japanese-funded, 68,000-square-metre Aeon mega-mall is expected to open next to Phnom Penh’s Sofitel hotel in July of 2014.

0

Comments

Please, login or register to post a comment

Latest Video

Bodies of Cambodian peacekeepers returned to Kingdom

The bodies of four Cambodian peacekeepers killed by a Christian militia in Central African Republic were repatriated to the Kingdom and honoured in an airport ceremony on May 21.

Phnom Penh eats: Ptas Nak Battambang

As the name suggests, Ptsa Nak Battambang – which in English means Battambang's house – is the right place for those who want to try some of the province's typical dishes in Phnom Penh.

Military police stand guard outside a polling station that was allegedly prematurely closed to eligible voters during the 2013 general election in Kandal province. Photo supplied

The Ministry of Defence on Friday lashed out at civil society and election monitoring groups, claiming a

Opposition leader Kem Sokha uses his hat to gesture to supporters during a campaign rally yesterday in Siem Reap province. Facebook

Prime Minister Hun Sen yesterday threatened to unleash war on the opposition party if he loses patience with their campaign for the June 4 commune