MB and SBI Shinsei Bank sign MBCambodia equity deal

May 04, 2023 | 15:58

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MB Group and SBI Shinsei Bank officially inked a agreement on April 7 for the sharing of equity investment in MB Bank (Cambodia), a new commercial bank recently launched in Cambodia.

MBCambodia

Under the new agreement, MB – a major financial institution in Vietnam, holds 51 per cent of the equity interests of MBCambodia, while SBI Shinsei Bank, a diversified Japanese financial institution, acquires 49 per cent.

The transfer of shares will be completed upon approval from regulatory authorities in Cambodia and Vietnam.

Notably, MBCambodia was officially granted a licence by the National Bank of Cambodia (NBC) and the Ministry of Commerce in January 2023 to upgrade MB Phnom Penh Branch to a commercial bank.

With seven different subsidiaries under its purview, MB Group envisions becoming a digitally led financial behemoth through comprehensive digital transformation.

SBI Shinsei Bank is a leading and diversified Japanese financial institution that provides a wide range of financial products and services to both institutional and individual customers. The bank has an extensive network of outlets throughout Japan and is committed to integrity and transparency.

Leveraging the robust capabilities of its parent company, MBCambodia seeks to provide its customers with cutting-edge banking products and services that guarantee efficiency and safety.

Its offerings encompass retail banking for individuals, corporate banking for businesses, as well as digital banking services that cater to the growing demand in Cambodia's rapidly advancing digital market.

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