SBI Shinsei Bank Becomes Strategic Partner of MB Banking Project in Cambodia

MB Group and SBI Shinsei Bank (Japan) signed a capital transfer contract for MB Cambodia Limited (MBCambodia) in early April.

MBCambodia Head Office. Photo: MB

Under the contract, MB Group will hold 51% of shares in MBCambodia and SBI Shinsei Bank (Japan) will be transferred the remaining 49%. The share repurchase process will be completed upon approval of regulatory authorities in Cambodia and Vietnam.

Earlier, in January 2023, MBCambodia was granted a license by the National Bank of Cambodia (NBC) and the Ministry of Commerce of Cambodia (MOC) to upgrade and convert MB Cambodia Branch into a commercial bank named MBCambodia.

MB Group is one of the largest financial institutions in Vietnam with seven member companies operating safely and effectively in many fields, including banking, securities, fund management, wealth management, insurance and consumer finance. In the strategic phase from 2022 to 2026, through the comprehensive digital transformation from the core, MB defines its vision to become a leading digital firm as well as a financial group.

As Japan's leading financial institution, SBI Shinsei Bank provides a wide range of financial products and services to both individual and corporate customers. SBI Shinsei Bank owns a wide transaction network throughout Japan, with its head office located in Tokyo.

Given the strong capacity and competence of the two major shareholders and the potential Cambodian market, MBCambodia will have more favorable conditions for business development. “Besides retail banking and corporate banking, MBCambodia will promote digital banking services, aiming for the safest, most secure and most convenient experience for customers,” said a representative of MBCambodia.

A representative from MB Group hopes that MBCambodia will support Cambodia's socioeconomic development, and at the same time and help MB gradually realize its strategic goal of becoming a digital firm as well as a leading financial group and becoming a Top 3 firm by performance in this market to lay another steppingstone for it to aim for the Top class in Asia.

Le Hien  (Vietnam Business Forum)