Maruhan Japan Bank has become the first Cambodian commercial bank to make a direct equity investment in a microfinance institution in Cambodia
Maruhan Japan Bank’s recent acquisition of a 95.1% share of Sathapana Limited “represents a significant step towards breaking down long standing barriers between the commercial banking and microfinance sectors”, according to a press release.
Sathapana and Maruhan will function as separate entities, with Maruhan providing commercial banking products and services and Sathapana continuing its microfinance focus.
“For us, this acquisition is a key component of, and the starting point for, our Singapore-based regional financial institution, Maruhan Investment Asia PTE LTD, which we have recently launched, as part of the Maruhan Japan Asean Financial Group, to revolutionise the banking and finance industries throughout the Asean region through higher standards in customer service and more innovative products,” said Mr Onishi Shizuo, Maruhan’s general manager, in the press release.
For Sathapana, the investment will allow the institution to grow its portfolio and provide crucial financial services to Cambodian communities, said Dr Bun Mony, Sathapana CEO. “We share Maruhan’s belief that investment at a grassroots level is the main foundation of the long-term economic development of Cambodia,” Dr Bun Mony said.