Tokyo-based Mizuho, one of largest banks in Japan, is to open a branch in Cambodia in response to rising investment from the world’s third-largest economy in the kingdom.
Mizuho received an operating license from National Bank of Cambodia (NBC) early last month. The Japanese bank has had a representative office in Cambodia since 2013.
“From now on, they can offer loans and receive deposits,” said Chea Serey, director-general of NBC, yesterday.
“We are proud that Mizuho Bank is one of the biggest banks in Japan and the world, so the decision to invest in Cambodia and build branches reflects trust in the Cambodian economy,” she added.
Ms. Chea Serey said that despite there being many banks, the presence of Mizuho would be a bonus to the financial sector.
“Mizuho would bring in Japanese investors for years to come.”
Seiji Imai, managing executive officer at Mizuho Financial Group, said Mizuho is operating in 30 countries and is the one of the largest banks to come to Cambodia.
“With the bank here, it will facilitate financial services for Japanese, Cambodian and other investors,” he said.
“The presence of Mizuho will attract more Japanese to invest in Cambodia.”
Hiroshi Suzuki, CEO and chief economist for the Business Research Institute for Cambodia, said it would be a great help for Cambodia to have one of the Japanese mega-banks, Mizuho, as a partner to enhance efforts to attract Japanese companies.
Mizuho has a great network and information about Japanese companies not only across Japan but also globally, he said.
“I am expecting Mizuho Bank to act as a catalyst to attract many types of Japanese investment to Cambodia.”
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