Phnom Penh, Cambodia, August 18, 2014
—IFC, a member of the World Bank Group, has sold its 12.25 percent stake in ACLEDA Bank PLC to Japan’s Sumitomo Mitsui Banking Corp. after having supported ACLEDA’s transition into a leading commercial bank in Cambodia over the past 15 years.
IFC has partnered with ACLEDA Bank since 1999, when the bank was undergoing a transformation from a nongovernmental organization into a microfinance institution. As a founding shareholder, IFC has helped ACLEDA grow over the last 15 years into the largest Cambodian bank by assets by providing it with equity capital, tier-2 capital sub-debt, long-term financing, and trade finance. IFC has also advised the bank on establishing international banking procedures, strengthening its managerial systems, improving its staff capacity, and promoting small and medium enterprise financing.
“We highly appreciate our long-term partnership with IFC and its significant support to our growth for more than a decade,” said In Channy, Chief Executive Officer of ACLEDA Bank. “We look forward to continuing our partnership and opportunities for collaboration in the future as our bank grows.”
IFC’s financing and technical support has helped ACLEDA expand its financial services to the Lao People’s Democratic Republic and Myanmar. IFC is a shareholder in ACLEDA MFI Myanmar Co., a subsidiary of ACLEDA Bank that began operation in 2013 to address the significant demand for financing among Myanmar’s micro, small and medium enterprises.
“We have successfully supported ACLEDA Bank’s transition into a commercial microfinance institution and then a full-service commercial bank,” said Adel Meer, IFC’s Financial Institutions Group Manager for East Asia and the Pacific. “With its financial strength and expertise, we believe Sumitomo Mitsui Banking Corp. is a strong strategic partner that can support ACLEDA’s continued long-term growth and contribute to Cambodia’s economic development and job creation. We will continue to support ACLEDA Bank’s operations in Cambodia, Lao PDR, Myanmar, and other countries in the region.”
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
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