The Taiwanese financial conglomerate SinoPac Holdings is entering the Cambodian banking industry by acquiring a local institution that is majority-held by Western investors, the latest example of the diversification of Taiwanese investment into Southeast Asia.
SinoPac announced over the weekend that its subsidiary Bank SinoPac will acquire 100% of Amret, Cambodia’s largest microfinance deposit-taking institution by total assets, from existing shareholders.
The midsize Taiwanese group explained in its disclosure that the acquisition is to “expand its overseas service network in Southeast Asia.” The deal, which is subject to regulatory approval, is to be executed in three phases: SinoPac is to acquire 80% ownership for about $435 million and then buy the remaining two 10% slices within two years.
