SBC to Rebrand Following Taiwan Acquisition

Locally owned Singapore Banking Corp. (SBC) will rebrand itself Thursday as Cathay United Bank (Cambodia) Corp. Ltd., or CUBC, as part of a deal that finalizes the acquisition of SBC by Taiwanese financial corporation Cathay United Bank, according to a copy of a speech that will be delivered Thursday at a ceremony marking the deal. Cathay United Bank obtained a 70 percent stake in SBC in September 2012 and obtained the remaining 30 percent stake in September last year for a complete takeover. … Grant Knuckey, CEO of ANZ Royal, said foreign takeovers of local banks are bound to happen in Cambodia’s current market, which he added is becoming a two-tiered sector with an increasing gap between banks with foreign capital and those without. “Domestic banks without access to foreign liquidity and capital are going to struggle because they are competing with banks that have access to cheaper foreign liquidity. Therefore, it is inevitable that we see domestic banks being taken over through foreign acquisitions in order to stay competitive,” he said. Cathay United Bank has about $1.7 billion in capital, according to its website, and has offices in six countries, including Malaysia, Singapore, Thailand and Vietnam.

 Joshua Wilwohl
http://www.cambodiadaily.com/business/sbc-to-rebrand-following-taiwan-acquisition-50684/