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Sumitomo Mitsui Banking Corp will purchase more than 12 per cent of Cambodia’s Acleda Bank Plc in early September for more than 10 billion yen ($100 million) to become its top shareholder, a report said Monday.
The Japanese bank will buy a 12.25-per-cent stake in Cambodia’s largest bank from International Finance Corp, the Nikkei business daily reported without citing any sources.
Acleda has 252 domestic branches and the equivalent of 240 billion yen in assets, the Nikkei said.
Sumitomo Mitsui formed a business tie-up with Acleda in August 2012.
The acquisition will help the bank expand operations in South-East Asia, the report said.
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