Japanese Bank to Sign Agreement With Acleda
One of the largest banks in Japan, Sumimoto Mitsui Banking Co., will sign an agreement with Acleda Bank Friday to share market data and banking services, Acleda announced yesterday. The deal would allow Sumimoto Mitsui, which currently only has a representative branch in Cambodia, to access Acleda's research on the banking and financial markets, while both banks would encourage their customers to use one another's services in order to promote foreign investment. ... Nguon Sokha, director-general of the National Bank of Cambodia, said the deal would allow Sumimoto Mitsui to feel out the market before applying for a full commercial banking license. With 32 commercial banks already operating in Cambodia and several micro-finance institutions looking to expand into full-fledged banks by 2015, the banking market here has become highly competitive. ...
