Japanese financial firm J Trust delays takeover of Cambodian bank
PHNOM PENH, NNA - Japanese financial firm J Trust Co. will delay the planned takeover of a major Cambodian commercial bank until the July-September quarter this year instead of this month as initially planned.
J Trust said last Friday it will complete the 11.4 billion yen ($103 million) buyout deal by buying a 55 percent stake in ANZ Royal Bank (Cambodia) Ltd. pending the establishment of an information technology platform and employee training.
The Cambodian lender is jointly owned by Australia and New Zealand Banking Group Ltd. and local conglomerate Royal Group of Companies Ltd.
J Trust said it reviewed the buyout plan, which it announced a year ago, as it wants to “fully prepare for the transaction without adversely affecting customer service.”
J Trust has expanded its overseas portfolio through takeovers in South Korea and Indonesia.
The Tokyo-based firm said in a statement released in May 2018 that it aims to cash in on growing financing demand in Cambodia, which has witnessed average annual growth of 26 percent in lending outstanding in the banking sector over the last five years. (NNA/Kyodo)