Vietnam’s Navy Business Joint Inventory Financial institution will promote about 49% of its unit in Cambodia to Japan’s Shinsei Financial institution Ltd. (Shinsei Bank Ltd) for an undisclosed amount as early as the fourth quarter of this year, according to its Chief Executive Officer, Luu Trung Thai.
The Hanoi-based financial institution, often called MB, spent $75 million to create the unit based in 2018, he stated.
Shinsei was to have up the 49 percent equity by 2023, after receiving regulatory approval in Cambodia.
“We believe that we can contribute to financial inclusion in Cambodia by providing digital financial services such as online small-size unsecured loans to unbanked individuals through the joint venture,” a Shinsei Bank spokesperson told Khmer Times back in December, 2021.
MB Bank has seta goal of securing up to 100,000 new enterprise clients and up to five million individual clients each year.
It expects 18 percent of its earnings in 2022 to come from its two insurance units and a brokerage, up from some 13 per cent in 2021.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.
