By Park Hyong-ki
NongHyup (NH) Bank said Wednesday it has acquired SAMIC, a Cambodian microfinance institution.
Through the acquisition, which was approved by the National Bank of Cambodia and the Ministry of Commerce last Friday, NH Bank will launch its Cambodian microfinance unit "NH Finance Cambodia" on September 11. SAMIC is considered a "bank for farm villages."
NH's microfinance bank will continue the operation of SAMIC by extending microloans to local farmers and small businesses, and help them finance their purchases of farming equipment.
It will also provide a loan service for them to finance their real estate transactions.
"NH will further expand its Cambodia sales networks through the SAMIC acquisition concentrating on three cities of Phnom Penh, Sihanoukville and Siem Reap," it said in a press statement.
The acquisition in Cambodia has increased the number of NH's overseas units to six. It has a branch in New York in the United States and one in Vietnam, as well as a microfinance bank in Myanmar, and offices in China and India.
It has applied for a license from Hong Kong financial authorities to open an office there, it noted.
NH Financial Group, the parent of NH Bank, is currently in talks to set up joint ventures with overseas entities, including China Federation of Supply and Marketing Cooperatives, the Myanmar-based HTOO Group and Vietnam Bank for Agriculture and Rural Development.
NH Financial said it seeks to expand in the three key regions of Northeast Asia, Southeast Asia and Western Asia, which it calls the "Asia triangle cluster," over the next four years.
NongHyup (NH) Bank said Wednesday it has acquired SAMIC, a Cambodian microfinance institution.
Through the acquisition, which was approved by the National Bank of Cambodia and the Ministry of Commerce last Friday, NH Bank will launch its Cambodian microfinance unit "NH Finance Cambodia" on September 11. SAMIC is considered a "bank for farm villages."
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| Lee Dae-hoon, NH Bank CEO |
It will also provide a loan service for them to finance their real estate transactions.
"NH will further expand its Cambodia sales networks through the SAMIC acquisition concentrating on three cities of Phnom Penh, Sihanoukville and Siem Reap," it said in a press statement.
The acquisition in Cambodia has increased the number of NH's overseas units to six. It has a branch in New York in the United States and one in Vietnam, as well as a microfinance bank in Myanmar, and offices in China and India.
It has applied for a license from Hong Kong financial authorities to open an office there, it noted.
NH Financial Group, the parent of NH Bank, is currently in talks to set up joint ventures with overseas entities, including China Federation of Supply and Marketing Cooperatives, the Myanmar-based HTOO Group and Vietnam Bank for Agriculture and Rural Development.
NH Financial said it seeks to expand in the three key regions of Northeast Asia, Southeast Asia and Western Asia, which it calls the "Asia triangle cluster," over the next four years.
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