A military-linked financial institution in Vietnam has received approval this week from the country’s central bank to form a new lender in Cambodia that will tap retail financing in partnership with Japan’s Shinsei Bank.
Military Commercial Joint Stock Bank (MB) plans to create MB Cambodia as a wholly owned unit this year, converting an existing branch in Phnom Penh with initial capital of $75 million. Shinsei, a Tokyo-based commercial lender, intends to participate in the venture and acquire up to 49% of the shares in 2023.
MB Cambodia is expected to receive Phnom Penh’s approval within 24 months. A senior executive at MB told Nikkei Asia that the bank cleared the first step to set up a lender in Cambodia.
