Logo of Phnom Penh Post newspaper Phnom Penh Post - Sumitomo Mitsui bank returns to Cambodia after 45 years

Sumitomo Mitsui bank returns to Cambodia after 45 years

Sumitomo Mitsui bank returns to Cambodia after 45 years

120823_09b

A customer receives assistance from a teller at an Acleda Bank branch in Phnom Penh. Photograph: Vireak Mai/Phnom Penh Post

Sumitomo Mitsui Banking Corporation (SMBC) of Japan will sign a memorandum of understanding with Acleda Bank Plc this weekend for mutual business co-operation.

Senior Acleda officials said the agreement would help to improve investment and trade from Japan to Cambodia.

SMBC is one of two Japanese mega-banks, out of three, to officially open a representative office in Cambodia in mid-February, after an absence of 45 years.

The agreement will be signed by Masayuki Shimura, director and head of the Asia- Pacific division of SMBC and In Channy, Acleda’s president and CEO on Friday, according to the statement from Acleda.

In Channy told the Post yesterday SMBC had selected the bank to be its partner after seeing the wide business operations Acleda had to offer.

“They’ve already opened their representative office here in Cambodia. Meanwhile, we are the biggest bank in the Kingdom, thus we were selected to be partners,” he said.

Acleda will also give Japanese investors and businesses advice on the economy, investment information and additional help so they may invest in a wide number of sectors across the country, he said.

“Whether or not they use our financial services; it depends on their decision. We don’t require them to use Acleda’s service or products.

“If SMBC has clients who are looking to do business in Cambodia, they will recommend us to them first,’ he added.

Both banks will provide mutual support for their respective clients, as well as promote economic co-operation between Cambodia and Japan on the activities such as: loans, deposits, money transfers, cash management, and other trade finance services, said the statement.

Both banks will mutually exchange information on their own country’s economy, industries, financial products, banking etc as well as clients’ credit information with each other, it continued.

Hiroshi Suzuki, CEO and Chief Economist at the Business Research Institute for Cambodia said the limited number of Japanese customers had led SMBC to decide not to open a branch in Cambodia. However, the MoU will be the main drive for the improving of investment from Japan.

To contact the reporter on this story: May Kunmakara at [email protected]

MOST VIEWED

  • Prince injured, wife dies after accident

    THE wife of former First Prime Minister Prince Norodom Ranariddh, Ouk Phalla, 39, died while the prince was “severely” injured following a road accident in Preah Sihanouk province’s Prey Nub district on Sunday morning, officials said. Rananriddh, who is also the president of the Funcinpec

  • Guards protest dismissals, reject claims of sharing naked photos of child

    Some 20 former security guards at the US Embassy in Phnom Penh protested on Tuesday against their dismissal. They accused their employers of falsely claiming they had viewed and shared child pornography from their mobile phones as grounds for their termination. In total, 32 personnel were dismissed

  • We’re going to Wisney World!

    More than 6,000 mostly Chinese attendees witnessed the inauguration ceremony of a $1 billion Sihanoukville resort project called Wisney World in the capital on Wednesday. The event on Koh Pich, attended by several senior Cambodian government officials, is a joint venture between China’s AMC International and

  • Funcinpec urges probe into deadly Preah Sihanouk accident

    THE Funcinpec party has urged the government, especially the Ministry of Interior, to investigate the traffic accident in Preah Sihanouk province which left Prince Norodom Ranariddh badly injured and his wife Ouk Phalla dead. Funcinpec Vice President You Hokry told reporters at Botum Votey pagoda,