Orix Corp., one of Japan’s largest financial services conglomerates, has purchased a 6 percent stake in Acleda Bank PLC, Cambodia’s largest bank, an official confirmed Tuesday.
“The deal has been ongoing over a few months, but the National Bank of Cambodia approved it last week,” said Acleda CEO In Channy, who would not reveal how much the deal was worth.
Mr. Channy said the deal is scheduled to be announced Wednesday.
“We cannot confirm the figure,” he said. “They approached us and they are a good investor,” Mr. Channy added, referring additional questions to Orix. Officials at Orix could not be reached for comment.
Headquartered in Tokyo, Orix has a portfolio spanning 27 countries and assets worth more than $69 billion. Its services include banking, corporate finance, real estate, card loans and life insurance.
Acleda Bank has already attracted investments from other large firms. In 2010, the multinational conglomerate Jardine Matheson’s purchased a 12.25 percent stake in Acleda Bank.
The deal with Orix comes about two months after Fullerton Financial Holdings, a subsidiary of Temasek Holdings, which is owned by the government of Singapore, entered into a venture with Canadia Bank PLC to open a new fully licensed commercial bank, Cambodia Post Bank.
© 2013, All rights reserved.