OSAKA — Japanese regional bank Shiga Bank said that it will join hands with major Cambodian bank Canadia Bank Plc by the end of the month to gain access to economic information in the Southeast Asian country to provide to Japanese companies.
It will be the first partnership between Canadia Bank, Cambodia's second-largest bank by assets, and a Japanese regional bank, according to Shiga Bank. The Japanese bank will also cooperate with the new partner in personnel exchanges and arranging seminars and study tours for their customers.
An increasing number of Japanese banks are seeking to form tie-up with banks in other Asian countries to help Japanese firms enter those growing markets.
Shiga Bank, based in Otsu, Shiga Prefecture, already forged similar alliances with banks in Thailand, Indonesia, India, the Philippines and Vietnam.
Cambodia, with an economic growth of 7.3% last year, has high growth potential like other Asian booming economies. Only about 150 Japanese firms, however, operate in the country at present, far fewer than the 6,000 in Thailand and 1,500 in Vietnam, Shiga Bank said.
The Bank of Tokyo-Mitsubishi UFJ, the core banking unit of Mitsubishi UFJ Financial Group Inc, has also forged a partnership with Canadia.
Sumitomo Mitsui Banking Corp, the core banking unit of Sumitomo Mitsui Financial Group Inc, earlier this year said it would team up with Cambodia's biggest bank Acleda Bank Plc.