Logo of Phnom Penh Post newspaper Phnom Penh Post - Mega-bank joins forces with Canadia

Mega-bank joins forces with Canadia

Mega-bank joins forces with Canadia

CANADIA Bank and Japan-based Tokyo-Mitsubishi UFJ signed a memorandum of understanding (MoU) on Wednesday agreeing to work together to tap the flow of Japanese investors into the Kingdom.

The MoU was signed by Canadia Bank chief executive officer Michael Lor and Masato Miyachi, the general manager of Tokyo-Mitsub-ishi’s Asia and China division in Phnom Penh.

Pung Kheav Se, chairman of the board of directors of Canadia Bank, said the MoU would enhance bank co-operation for mutual benefit and give Japanese investors in Cambodia greater access to investment information.

“I hope that this co-operation will go very smoothly,” he said.

Lor said the partnership emphasised the strength of Canadia Bank, demonstrating that it could co-operate with a mega-bank from Japan.

“It’s no surprise that Tokyo-Mitsubishi UFJ is interested in Cambodia, and in co-operating with Canadia Bank.”

Tokyo-Mitsubishi UFJ, one of the biggest banks in the world, has more than 500 branches in 40 countries.

In Channy, the president and chief executive officer of locally based Acleda Bank, raised no concerns over the co-operation deal.

“[This] demonstrates the strength of the development of the banking sector in Cambodia and will further promote the stability of the industry,” Channy said.

Tokyo Mitsubishi UFJ opened a representative office in Phnom Penh in February last year, nearly four decades  after it left Cambodia.

It has many representative offices in Southeast Asian nat-ions including Thailand and Vietnam.

The Japanese Sumitomo Mitsui Banking Corporation, which is also one among the three mega-banks in Japan, opened a representative off-ice in Cambodia early last year as well.

Japanese investment in Cambodia more than doub-led to $75 million in 2011 from about $35 million in 2010, according to figures supplied by the Japanese embassy.