Central Bank OKs SBC bid
The Taiwanese bank Cathay United, a subsidiary of Cathay Financial Holding and a listed company on the Taiwan Stock Exchange, has purchased a 70 per cent stake in the Cambodia-based Singapore Banking Corporation Ltd (SBC), a central bank official said yesterday. The National Bank of Cambodia (NBC) has given its approval to the plan, which SBC had submitted a while ago, for the Taiwanese Cathay United Bank to acquire a stake in SBC, NBC Director General Ngoun Sokha said. … SBC was founded in 1993 and has six operational points in Cambodia. Acquiring a 70-per cent stake will position Cathay United as SBC’s biggest shareholder and mark its official entry into Cambodia. …
