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MB selects strategic partner for commercial joint venture bank in Cambodia

December 2, 2021 | 02:00 am PT
MB and Shinsei Bank signed a master agreement on the establishment of a commercial joint venture bank in Cambodia on Dec. 2.

Both parties agreed that after obtaining the approval of the state agency on the establishment of a commercial bank in Cambodia with a minimum charter capital of $75 million, MB would transfer up to 49 percent of shares to a strategic partner and launch Vietnam's first joint venture bank abroad.

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MB has completed the selection of a strategic partner to implement a commercial joint venture bank in Cambodia. Photo by MB

Military Commercial Joint Stock Bank (MB) is known for its rich experience in developing digital banking in Vietnam, along with its solid business foundation and market understanding during 10 years of operating in Cambodia as a branch.

Shinsei Bank, Ltd. (Shinsei Bank) has more than 50 years of banking experience in Japan with outstanding achievements in retail banking and consumer finance.

The joint venture bank built on the collaboration of these two financial groups is expected to become a leading digital - retail bank in Cambodia.

Both parties agreed to invest substantially and systematically in resources and nominate high-quality personnel to build outstanding business strategies, models and solutions to enter the dynamic financial and banking market in Cambodia.

MB and Shinsei Bank have gained experience in implementing a joint venture at MB Shinsei Finance Limited Liability Company (Mcredit). After five years of cooperation, Mcredit is currently a consumer finance company with the top 4 best outstanding loans in Vietnam, with ROE performance of up to about 30 percent.

The joint venture between MB and Shinsei Bank in Cambodia marks a milestone in the cooperative relationship between the two financial groups of Vietnam and Japan. The joint venture in a third country - Cambodia - also demonstrates the two groups’ willingness for long-term cooperation.

"This also indicates MB’s strategic vision and great expectations to gradually improve its position and foster business development of MB Group in Asia," a MB representative stated.

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