Vietnam’s MB Bank to sell 49% of Cambodia Unit to Shinsei

Vietnam’s Military Commercial Joint Stock Bank will sell about 49% of its unit in Cambodia to Japan’s Shinsei Bank Ltd. for an undisclosed amount as early as the fourth quarter, according to Chief Executive Officer Luu Trung Thai.

The Hanoi-based bank, known as MB, spent $75 million to create the unit founded in 2018, he said.

Shinsei could not be immediately reached for comment outside business hours.

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